EU court lifted sanctions against russian billionaire and awarded him compensation

The European Court of Justice has upheld a lawsuit filed by russian billionaire Dmitry Pumpyansky to remove him from the EU sanctions lists.

Dmitry Pumpyansky was first included in the list in March 2022, when he was the chairman of the board of directors of the global steel pipe manufacturer TMK and the president and member of the board of directors of the russian investment bank Sinara.

It was alleged that "both companies support and benefit from cooperation with the russian authorities and state-owned enterprises, including Russian Railways, Gazprom and Rosneft, which bring Moscow significant revenues.

However, in its ruling, the court now said that the EU Council had failed to substantiate Pumpyansky's importance in russia after he left two of his key positions.

"(Pumpyansky) argues that, since he sold his shares in TMK and Sinara Group in March 2022, he is now merely a private individual and no longer involved in any business activities in russia or abroad, and therefore cannot be classified as a 'leading entrepreneur' under the criterion," the court said in its ruling.

The decision to impose sanctions on Mr. Pumpyansky will be canceled, and the Council of the European Union will be ordered to pay the costs incurred by the businessman. This decision also applies to Pumpyansky's wife, Galina, who has been removed from the EU blacklist.

Source: Reuters