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7 Feb, 2024 17:26

EU court dismisses Russian tycoon’s sanctions appeal

Alisher Usmanov is among dozens of individuals who filed a lawsuit to challenge their inclusion on the blacklist
EU court dismisses Russian tycoon’s sanctions appeal

Russian metals tycoon Alisher Usmanov will remain on the EU sanctions list, the European Court of Justice stated on Wednesday, dismissing his appeal.

A prominent businessman was placed under EU sanctions on February 28, 2022, shortly after the start of Russia’s military operation in Ukraine. The EU then described Usmanov as having “particularly close ties” with President Vladimir Putin, claiming that he “actively supported the Russian government’s policies of destabilization of Ukraine.” Usmanov has been fighting the restrictions against him in EU courts ever since.

The billionaire told EU judges last year that he had been unfairly singled out by officials for the wealth he amassed and for being a “visible symbol” known to the public. 

Usmanov holds a major stake in USM, a Russian investment group with holdings in Metalloinvest, one of the world’s largest iron ore producers, and telecom company MegaFon. His net worth reportedly totals $14.4 billion. The 70-year-old was placed under UK, EU, and US sanctions. 

The top EU court has also rejected a similar appeal by Russia’s former first deputy prime minister, Igor Shuvalov.

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