The EU imposed sanctions on the oligarch in 2022 as part of measures against Russia and Putin’s close allies.

Russian billionaire Roman Abramovich has lost a legal battle aimed at lifting European Union sanctions imposed on him in the wake of Russia’s invasion of Ukraine.

Abramovich had filed a lawsuit with the EU’s General Court of Justice against the Council of the European Union, which imposed punitive sanctions on the 57-year-old in 2022 as part of measures against Russia and President Vladimir Putin’s close allies following Russia’s invasion of Ukraine.

The court in Brussels rejected the challenge and also rejected his claims for damages. It referred to its role in the Russian steel company Evraz and the fact that steel represents an important source of income for the Russian government.

“The court dismisses Mr. Abramovich’s lawsuit, thereby confirming the restrictive measures taken against him,” it said in its ruling on Wednesday.

“The [European] “The Council did not, in fact, make an error of assessment when it decided to include and then maintain Mr Abramovich’s name in the lists in question, given his role in the Evraz group and in particular in its parent company,” he added.

Chelsea sale

Abramovich, who also holds Israeli citizenship and is the former owner of Premier League football club Chelsea, became one of the world’s most powerful businessmen after the collapse of the Soviet Union in 1991. Forbes estimates his net worth at $9.2 billion.

In a statement issued on his behalf, Abramovich said he was disappointed with the verdict, which he may appeal.

He said the court had not taken into account some of the arguments put forward by the EU Council, including the claim that Abramovich had benefited from the Russian government – which he said was a false assumption.

“Mr Abramovich does not have the ability to influence the decision-making of any government, including Russia, and has not benefited from it in any way [Ukraine] War,” the statement said.

“The court’s decision to maintain sanctions against Mr. Abramovich was based solely on the court’s definition of calling Mr. Abramovich a ‘Russian businessman’, which under today’s very broad EU rules is sufficient to continue to be sanctioned, even if you are just a passive shareholder in a company. “Sector unrelated to the war.”

The businessman was also punished in the UK and had his assets frozen in response to Russia’s invasion of Ukraine.

Abramovich was forced to sell Chelsea after being sanctioned by the British government for enabling Putin’s “brutal and barbaric invasion” of Ukraine. The Premier League club’s sale for 2.5 billion pounds ($3.2 billion) – at the time the highest price ever paid for a sports team – was carried out by a consortium led by Todd Boehly, part owner of the Premier League club Los Angeles Dodgers, completed.

It marked the end of Abramovich’s trophy-laden 19-year reign.

The EU has imposed 12 rounds of sanctions on Russia since Putin ordered his troops into Ukraine almost two years ago. The measures targeted the energy sector, banks, companies and markets and resulted in asset freezes and travel bans being imposed on more than 1,000 Russian officials.