Russian oligarch Abramovich appeals against EU sanctions
Photo: EPA

Russian oligarch Roman Abramovich will appeal against the EU sanctions imposed on him after Russia's full-scale invasion of Ukraine, Reuters reports. Abramovich filed a complaint against the EU sanctions on May 25, 2022, and now the General Court of the European Union will consider it.

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According to the agency's sources, Abramovich's lawyers will argue that the EU sanctions are unjustified and imposed solely because he is a "well-known Russian."

"He was not sanctioned because of evidence relating to the criteria: he was sanctioned simply because politically, the most famous Russian businessman had to be (sanctioned – ed.) even if this is a manifest error," the source said.

Abramovich, who also holds Israeli citizenship, was one of the most influential businessmen to make a fortune after the collapse of the Soviet Union in 1991. Forbes estimated his net worth at $9.2 billion.

In March 2022, the EU recognized Abramovich as "an oligarch with close ties to Vladimir Putin," including "privileged access" to the Kremlin leader, which helped him preserve his assets.

Abramovich is also under sanctions from Britain, Canada and Australia.

Ukraine also slapped sanctions on Abramovich in October 2022, but postponed them until the prisoner exchange was completed.

Under pressure from sanctions, Abramovich sold Chelsea Football Club in May 2022 for $2.9 billion to a consortium of investors led by American billionaire Todd Boehly. The money from the sale was intended for a charity fund to support humanitarian projects for Ukraine.

In June 2023, media reported that Abramovich would not sign an agreement to allocate money from the sale of Chelsea to Ukraine because he wanted part of the money to go to "Russians affected by the war." In early July, Britain banned spending money from the sale of Chelsea outside of Ukraine.