EU court refuses to lift sanctions against Deripaska, T-Bank and Rosbank

Deripaska, Rosbank and T-Bank were denied lifting of EU sanctions , which were introduced after the start of the military operation in Ukraine . The businessman also demanded compensation for "non-material damage" in the amount of €1 million Oleg Deripaska

The European COURT of Justice in Luxembourg has rejected claims by Russian businessman Oleg Deripaska, Rosbank and T-Bank to lift EU sanctions, TASS reports .

The defendants in these cases were the Council of the European Union, which approves the EU's restrictive measures.

Following the start of the military operation in Ukraine, the EU imposed sanctions on Deripaska in April 2022, and on Tinkoff Bank (now T-Bank, which will merge with Rosbank in 2025) in February 2023.

The businessman appealed the sanctions imposed on him in November 2022. He explained the need to lift the restrictions by "a violation of the right to effective judicial protection and the obligation to state reasons", "an error by the EU Council in assessing the reasons" and "a violation of the principle of proportionality and fundamental rights". Deripaska also insisted on the recovery of "non-material damage" in the amount of €1 million.

T-Bank and Rosbank decided to appeal their inclusion in the sanctions list in May 2023. According to the case materials, they pointed out the lack of grounds "allowing sanctions to be imposed on entities <...> participating in sectors of the economy that provide a significant source of income for the government of the Russian Federation." The financial institutions accused the Council of the European Union of "abuse of power" and "unlawful infringement of fundamental rights, in particular the right to property."

Earlier, the US Court of Appeals for the District of Columbia denied Deripaska's request to lift sanctions imposed on him in 2021 due to "Russia's interference in the 2016 presidential election." Rosbank is also under restrictions from the US Treasury Department.

RUSSIA considers the Western restrictions imposed to be illegitimate and demands that they be lifted.

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