The European Court has lifted sanctions from a Russian billionaire

The European Court in Luxembourg has annulled the sanctions against Russian billionaire Dmitry Pumpyansky, former co-owner of the Sinara Group and the Pipe Metallurgical Company (TMK), The Moscow Times reports.

According to the court’s decision, the extension of restrictive measures that was in effect until September 15, 2025, is subject to annulment.

The Council of the European Union was ordered to cover the costs incurred by the businessman during the proceedings.

“Pumpyansky, whose fortune Forbes estimates at $2.9 billion, came under EU sanctions almost immediately after Russia’s full-scale invasion of Ukraine — in March 2022,” the publication notes. “At that time, he controlled 90% of TMK, was a member of its board of directors, and was the beneficiary and president of Sinara. Due to being placed on the EU ‘blacklist,’ Pumpyansky had to leave all positions in both companies.”

He then decided to challenge the sanctions. However, in September 2023, the EU court refused to lift the restrictions against him.

“The ruling stated that although the businessman ‘did not play a direct role in the military offensive in Ukraine, he is involved in sectors of the economy that are a significant source of revenue for the government of the Russian Federation,’” the publication says. “Pumpyansky appealed this decision and a year later won the case, becoming the first Russian billionaire to succeed in doing so.” However, in March, the EU Council once again extended the restrictive measures against him for another six months. Since the businessman did not contest this act, he remained on the EU sanctions list.

In April of this year, Pumpyansky again won a court case lifting sanctions against him, his wife Galina, and his son Alexander. But this ruling referred to the annulment of the extension of measures in the period from March 2024 to September 2024, The Moscow Times writes.

Thus, the restrictions on the businessman, which the EU extends every six months, continued to apply.

The next extension of EU sanctions is due to be approved by September 15.

Source: NV, The Moscow Times