The European Union Court of Justice, in a ruling on Wednesday, decided to remove Russian billionaires Mikhail Fridman and Petr Aven from the list of individuals subjected to European Union sanctions following Russia’s 2022 attack on Ukraine. The court, based in Luxembourg, stated in a release, “The General Court considers that none of the reasons set out in the initial acts is sufficiently substantiated and that the inclusion of Mr Aven and Mr Fridman on the lists at issue was therefore not justified.” Fridman expressed satisfaction with the court’s decision to RBC media outlet on Wednesday, stating that he and his business partner Aven were content with being removed from the sanctions list.
As a consequence of the Russian invasion, both Fridman and Aven had their funds and economic resources frozen when the European Council imposed restrictions. They are both significant shareholders in the Alfa Group conglomerate, which includes leading private bank Alfa Bank and Russia’s largest food retailer, X5 Retail Group. The court ruled that the inclusion of the billionaires on the list between February 2022 and March 2023 was unwarranted.
However, in March 2023, the EU reinstated the restrictive measures on the two individuals, who have since filed a separate appeal against this action. While acknowledging the Council’s potential grounds to establish close ties between Fridman, Aven, and Russian President Vladimir Putin, the court noted that it does not demonstrate their support for actions or policies against Ukraine or that they have financially supported Russian decision makers.
Responding to the court’s decision on Wednesday, Kremlin spokesperson Dmitry Peskov stated that Russia views such sanctions as both illegal and destructive, but emphasized that businessmen have the opportunity to challenge them.
