The World Briefly

April 11, 2024

Of Hollow Victories

European Union

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The European Union’s top court on Wednesday handed two Russian oligarchs a rare win in a case over Western sanctions imposed on them by the bloc following Russia’s invasion of Ukraine, the Associated Press reported.

The EU General Court ruled in favor of Mikhail Fridman and Petr Aven, who contested being included in the sanctions regime from February 2022 to March 2023, with the court saying there was little evidence of their involvement in the war. The two men have also appealed the EU’s decision to continue the sanctions after March 2023 in a separate case that is still pending – meaning they remain under EU sanctions for now.

Fridman, one of Russia’s wealthiest businessmen, co-founded the investment banking group Alfa, which includes Alfa Bank, formerly led by Aven. Both men left the bank’s board when the EU hit it with sanctions in March 2022.

The 27-nation bloc has instituted numerous punitive measures against Russian businesses in the energy, banking and mining sectors after President Vladimir Putin launched a full-scale invasion of Ukraine on Feb. 24, 2022.

Though Fridman and Aven insisted they did not contribute to Russia’s war effort, they have refrained from openly criticizing Putin’s so-called “special military operation.”

Instead, they joined their appeal with a letter signed by high-profile anti-war Russians, asking the EU court to lift the sanctions. One of the signatories, Leonid Volkov, the chief of staff for the late regime opponent Alexei Navalny, said he regretted doing so because the lifting of sanctions means that powerful figures are allowed to escape punishment without criticizing Putin or the war in Ukraine.

While Volkov criticized the court’s ruling, saying it “makes no sense,” the Kremlin applauded it. Spokesman Dmitry Peskov called the sanctions “illegal, unfair, and destructive.”

Although it deals a symbolic blow to the EU, the court’s decision does not change the status quo. A court representative said it would take months to assess Fridman and Aven’s second appeal, regarding the current sanctions in place since March 2023, Reuters reported.

Dozens of complaints have been filed with the EU Court of Justice against the sanctions, which target over 1,700 individuals.

This story originally appeared in the April 11, 2024 newsletter, Stuck in Celestial Hades.