Roman Abramovich, The Russian Billionaire, Challenging EU Sanctions Against Him

According to a source acquainted with the situation, the Russian billionaire Roman Abramovich will challenge the European Union sanctions that were imposed on him after the war in Ukraine on Wednesday. He will argue that the limits were applied simply because he is a well-known Russian. The penalties were imposed following the war in Ukraine.

On February 24, Russian President Vladimir Putin gave the order for tens of thousands of troops to be sent into Ukraine. In response, the European Union imposed sanctions on a number of Russian authorities as well as a number of Russian companies and froze hundreds of billions of dollars worth of Russian assets.

The European Union referred to Abramovich, who is now 56 years old, as an “oligarch who has close ties to Vladimir Putin” in March 2022. The EU also said that Abramovich had “privileged access” to the leader of the Kremlin and that these contacts had helped him keep his riches.

Abramovich filed a challenge against the EU penalties on May 25, 2022, and the General Court of the Court of Justice of the European Union will hear the challenge on Thursday, according to a source with knowledge of the situation who spoke to Reuters.

According to the source, his legal representatives will claim that the EU sanctions have no basis in fact and were imposed solely because he is a well-known businessman in Russia.

He was sanctioned merely because, politically, the most renowned Russian businessman had to be, even if this is plain wrong, the person said. “He was not sanctioned because of evidence relating to the criteria; he was sanctioned because of politics,” the source added.

Abramovich, who also has Israeli citizenship, was one of the most influential businessmen who earned enormous fortunes after the breakup of the Soviet Union in 1991. He acquired his wealth as a result of the sale of his stake in Chelsea Football Club in 2004. According to Forbes, his total wealth is estimated to be $9.2 billion.