Dec 21, 2024 (MENAFN via COMTEX) --
(MENAFN) The European Court of Justice has dismissed Russian billionaire Oleg Deripaska's legal challenge to overturn sanctions imposed by the EU Council in response to the Ukraine conflict, EU Law Live reported on Wednesday. The sanctions in question include asset freezes targeting individuals and entities accused of actions that undermine Ukraine's sovereignty and territorial integrity.
Deripaska, the founder of global aluminum giant Rusal, was blacklisted by the EU in April 2022, and subsequently filed a lawsuit against the EU Council later that same year. In his case, Deripaska presented three main arguments: that his right to effective judicial protection and the duty to provide clear reasoning were violated; that there was a manifest error in the assessment of the grounds for sanctions; and that the sanctions were disproportionate and violated his fundamental rights.
The businessman requested the court to order the EU Council to make a provisional payment of EUR1 million (over $1 million) for the non-material damages he claimed to have suffered, along with covering his legal costs.
However, the court ruled against Deripaska, ordering him to pay both his own legal fees and the costs incurred by the EU Council. The decision was announced by the judge on Wednesday.
Deripaska, who has also been sanctioned by the US, UK, Australia, New Zealand, and Canada, faces additional legal troubles in the United States. In September 2022, the US Department of Justice charged him with violating sanctions imposed on Russia due to the Ukraine conflict. He could potentially face up to 20 years in prison if convicted.
Despite the sanctions, Deripaska has consistently argued that Western sanctions are ineffective and outdated, describing them as an economic "wonder-weapon" whose impact is questionable and could harm the global economy. In a 2023 interview with the Financial Times, he claimed that not only had the Russian economy weathered the sanctions, but it had actually become stronger through new trade relationships with the Global South and increased domestic investment.
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