Since the beginning of the war in Ukraine, Russian companies and oligarchs linked to the Kremlin have been subjected to severe sanctions. Now the Court of Justice of the European Union has lifted the sanctions imposed on two of them – Mikhail Fridman and Pyotr Aven.
In a court in Luxembourg, judges ruled that the EU Council had not provided sufficient evidence to include Russian oligarchs on the sanctions list. However, the decision does not mean that Friedman and Owen will be immediately removed from the sanctions list, as the ruling can still be appealed to Europe's highest court, the European Court of Justice.
Imposing sanctions on Kremlin supporters
Mikhail Fridman and Pyotr Aven are the founders and major shareholders of Alpha Big Group – one of the largest private investment groups in Russia. Shortly after the Russian attack on Ukraine in February 2022, both the European Union and the United States imposed punitive measures on the billionaires – Friedman and Owen had their assets frozen and were banned from traveling within the EU. The sanctions were justified by the fact that Friedman and Owen financially supported Russian decision-makers, thus undermining the territorial integrity of Ukraine.
Although Friedman and Owen have repeatedly denied financial support for Putin's regime, most of their initial wealth came from the 1990s and was a result of their ties to the Kremlin.
The 2022 EU document describes extensively how Russian oligarchs financially support Putin's regime and are then rewarded for their loyalty. One sentence in particular highlights this connection:
He added, “Therefore, they financially or financially support the Russian decision-makers responsible for annexing the Crimean Peninsula and destabilizing Ukraine.”
The EU described Friedman as a “prominent Russian financier and operative supporting Putin's inner circle,” while stating that Avin is “one of Vladimir Putin's closest oligarchs.”
“There is no evidence of that”
On Wednesday, April 10, the judges ruled that although there may be a “close relationship between Pyotr Avin, Mikhail Fridman and Vladimir Putin,” there is insufficient evidence that the businessmen supported the Kremlin’s war with Kiev.
“The Court considers that none of the grounds contained in the original statutes are sufficiently justified, and therefore the inclusion of Mr. Owen and Friedman on the sanctions lists is not justified.”
Russian businessman and co-founder of Alpha Group Mikhail Fridman at the Israeli conference in Moscow, September 17, 2019.
Lawyers for the two Russian businessmen said the rulings were “of the utmost importance” and that any accusations against them were “completely unfounded.”
The Russian oligarchs' legal team said in a statement: “Imposing sanctions on them was a counterproductive mistake. They have nothing to do with the EU list or any other list. We hope that today's strong signal will be heard inside the EU and beyond.” statement.
The European Union has so far imposed sanctions on about 2,000 people and organizations linked to Russia. Dozens of lawsuits against the sanctions are currently being considered.
Even if the sanctions do not affect Putin's decisions and actions, they are the culmination of many years of efforts to get Western capitals to deal seriously with the problem of Russian oligarchs and the international flow of illicitly acquired wealth. Imposing sanctions on these individuals helps prevent the money of Russian billionaires from flowing into Western markets and disrupting their work. The European Union's imposition of sanctions is further evidence that the bloc is becoming an increasingly independent geopolitical entity.
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