FILE PHOTO: Flags flutter outside EU Commission in Brussels·Reuters
Russian oligarchs and financial firm lose court challenge against EU sanctions
Reuters: BRUSSELS (Reuters) - Two Russian oligarchs and the country's National Settlement Depository company on Wednesday lost legal challenges against European Union sanctions imposed on them after Russia's 2022 invasion of Ukraine.
The EU has imposed multiple rounds of sanctions since Russia invaded Ukraine. They include trade restrictions to cut defence and other exports to Russia, as well as restrictions on Russia's banking sector, among others.
Sanctions had been imposed upon Gennady Timchenko, a Russian tycoon and long-time ally of President Vladimir Putin, and upon billionaire Mikhail Fridman.
Timchenko and Fridman had appealed against an EU demand to declare their funds or economic resources as part of EU sanctions adopted after Russia's invasion of Ukraine.
However, their arguments were dismissed by the Luxembourg-based General Court, which is Europe's second-highest court.
"The need for action to counteract legal and financial arrangements facilitating the circumvention of restrictive measures justifies such obligations," it said in a ruling.
The EU's General Court also threw out an appeal by Russia's National Settlement Depository, which is the country's equivalent of the Euroclear and Clearstream clearing houses.
In World
-
Hezbollah’s deputy chief Naim Qassem said on Tuesday that the Iran-backed group would inflict “pain” on Israel but also called for a ceasefire, as a conflict between them escalates in southern Lebanon.
-
Ukraine denied late on Monday media reports that it has been involved in supplying drones to rebels fighting in the north of Mali.
-
North Korea has blown up roads and rail lines connecting it with South Korea.
-
In a significant move to counteract international sanctions and reduce dependency on the global financial system Swift, Russia has called on BRICS nations to establish a new cross-border payments network, reported Bloomberg.
Leave a review