Two Russian bankers are on the brink of being removed from the EU blacklist due to weak evidence, raising concerns about upcoming court rulings expected before summer.
The EU’s General Court in Luxembourg recently “annulled” the 2022 blacklisting of the two Russian finance chiefs in a verdict issued on Wednesday (10 April).
The EU Council was able to establish “a degree of proximity between Petr Aven and Mikhail Fridman and [Russian president] Vladimir Putin or his entourage,” the court noted.
However, the court also stated that this evidence “did not prove that they have supported actions or policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.”
The legal team representing Aven and Fridman, Kiejman & Marembert, commented to EUobserver: “The decisions made today are extremely important. The court correctly determined that all allegations against Mr. Mikhail Fridman and Mr. Petr Aven were unfounded.”
“Imposing sanctions on them was a mistake. They should not be on the EU’s list or any other list,” they added.
Despite this ruling, Aven and Fridman are still facing restrictions on EU travel and banking activities.
The EU Council now has two months and 10 days to decide whether to appeal the court’s decision.
Meanwhile, Aven and Fridman were also included on the EU blacklist in a separate decision in 2023, which is currently the subject of ongoing legal proceedings with no verdict date set yet,” a European Court of Justice (ECJ) spokesperson stated.
The EU Council has the option to take further action if needed.
Related Posts
Brussels proposes revamp of controversial securitisation rules
The European Commission has proposed revisions to EU debt securitisation rules to reduce capital charges for banks and streamline regulations, aiming to invigorate the securitisation market and boost economic competitiveness. While the changes, including lowering risk weights and simplifying investor obligations, are intended to enhance funding availability, critics argue they may compromise financial stability and international standards established post-2008 crisis. Need More Context? 🔎
Read more
Merz plan won’t fix Germany’s pensions crunch, warns Bundesbank
Germany's Bundesbank has criticized Chancellor Friedrich Merz's reforms to encourage later retirement, stating they are insufficient to alleviate the fiscal pressures of an ageing population, where early retirement is prevalent due to existing incentives. The central bank suggests more significant policy changes, like linking the retirement age to life expectancy, to address the impending demographic challenges effectively. Need More Context? 🔎
Read more
Brussels to loosen merger rules for defence companies
The EU is proposing to revise merger rules for defense companies to attract investment in the arms industry, highlighting the need to boost weapons manufacturing amid the ongoing war in Ukraine. This includes considering "defense readiness" positively in merger evaluations and clarifying compliance with environmental standards, despite concerns from sustainability advocates about diverting funds from climate initiatives. Need More Context? 🔎
Read more
Era of Bund scarcity is over, says German debt chief
The scarcity of German Bunds has ended, according to Tammo Diemer from Germany's finance agency, as increased sales fund a €1tn defence and infrastructure package. This shift follows the European Central Bank's cessation of bond-buying, leading to greater availability of German bonds and heightened interest in AAA-rated euro debt from global investors diversifying away from dollar assets. Need More Context? 🔎
Read more
Era of Bund scarcity is over, says German debt chief
The scarcity of German Bunds is over, according to Tammo Diemer from Germany’s finance agency, as increased sales of benchmark debt follow the end of quantitative easing, aimed at funding a €1 trillion defense and infrastructure package. The shift has led to greater availability of German bonds and rising yields, attracting global investors to euro-denominated debt amid uncertainties surrounding the dollar's stability. Need More Context? 🔎
Read more
EU weighs carbon tax on home heating and petrol to fill budget gaps
Brussels is contemplating using funds from an upcoming carbon tax on petrol and home heating to address a €30bn annual budget shortfall, despite strong opposition from member states like France and Poland. The tax, set to begin in 2027, could generate €705bn by 2035, but fears of rising costs may reignite public protests, complicating the EU's financial strategies. Need More Context? 🔎
Read more
