On Wednesday, the General Court of the EU revoked the restrictive measures imposed on two Russian billionaires, Mikhail Fridman and Petr Aven, which had been in place between February 2022 and March 2023. Initially, these sanctions had been enforced due to the alleged connections to Russia’s ongoing conflict in Ukraine.
Both Mikhail Fridman and Petr Aven are known as substantial shareholders of Alfa Group, an alliance that includes Alfa Bank, one of Russia’s primary financial bodies. After the Russian invasion of Ukraine in February 2022, they fell under EU sanctions. The Council of the EU attempted to impose restraining measures such as freezing their funds and economic resources. They based their actions on the claim that these billionaires were providing support to Russian policymakers, and that their actions were undermining Ukraine’s sovereignty, territorial integrity, and independence.
The General Court of the EU sided with Aven and Fridman in their appeals, nullifying the initial and subsequent actions that led to their inclusion on the lists of restrictive measures. The court ruled that the reasons behind the initial actions were insufficient and the maintaining acts were invalid due to the lack of any additional evidence beyond the original information. Despite potential links between Aven, Fridman, and Russian President Vladimir Putin, the General Court concluded that there was no substantial evidence demonstrating their support for actions threatening Ukraine.
Attorneys representing Aven and Fridman celebrated the verdict, telling POLITICO that the accusations brought against their clients were devoid of any factual basis. They highlighted the importance of this court decision and conveyed optimism that it would resonate strongly within the EU and beyond.
Mikhail Fridman, a Ukrainian-born Russian billionaire, was listed as the ninth-richest Russian in 2023. His business interests span the fields of healthcare, technology, and energy companies, with operations in both Russia and other parts of the world. Notably, Ukrainian authorities seized Fridman’s assets in 2022, accusing him of transferring funds to Russia before the war and utilizing the bank to divert funds amidst potential sanctions and other coercive actions.