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
-
Russia has supplied air defense missile systems to North Korea in exchange for sending its troops to support Russia's war efforts against Ukraine, a top South Korean official said Friday.
-
Taiwan President Lai Ching-te will visit Taipei's three remaining diplomatic allies in the Pacific on a trip starting at the end of the month, his office said on Friday, but the government declined to give details on U.S. transit stops.
-
Russia is ready to consider any "realistic" peace initiative on the conflict in Ukraine which takes into account Russia's own interests and the situation on the ground, Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday.
-
China is willing to conduct active dialogue with the United States based on the principles of mutual respect and promote the development of bilateral economic and trade relations, vice commerce minister Wang Shouwen said on Friday.
Leave a review