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Reuters: Russian oligarch's son wins appeal against sanctions

by Dmytro Basmat November 30, 2023 1:15 AM 2 min read
Dmitry Pumpyansky, billionaire and owner of TMK PAO, left, and Victor Rashnikov, owner of Magnitgorsk Iron & Steel Works PJSC, look on from the audience at a Russian Union of Industrialists and Entrepreneurs (RSPP) event in Moscow, Russia, on March 14, 2019. (Andrey Rudakov/Bloomberg via Getty Images)
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Alexander Pumpyansky, the son of Russian oligarch and business tycoon Dmitry Pumpyansky, has won an appeal against sanctions imposed by the European Union, Reuters reported on Nov. 29.

The ruling from the European Union General Court in Luxemburg ordered that the EU council remove Pumpyansky off the sanction list stemming from Russia's invasion of Ukraine.

The court's decision was grounded in the admission by the EU that, since March 9, 2022, Pumpyansky no longer held the positions of president and board member of Sinara, nor was he a board member of TMK. Both companies were accused of supporting Russia's invasion of Ukraine.

TMK, a key supplier of manufactured steel to the Russian energy giant Gazprom, and Sinara, a prominent Russian investment bank, are both implicated in activities allegedly linked to Russia's aggression against Ukraine.

The EU now has two months to appeal the ruling before the Luxembourg-based Court of Justice of the EU highest authority.

Since the beginning of Russia's full-scale invasion in February 2022,Ukraine has remained persistent in seizing Russian assets associated to the financing of Russia's war. Just last month, Ukraine seized assets worth more than $464 million from three Russian oligarchs close to Russian dictator Vladimir Putin.

Despite the European Union's efforts to implement sanctions on Russian oligarchs accused of supporting Russia's invasion, many continue to take to lawsuits to halt the EU's attempt to seize their assets. And while living under sanctions exemptions in Europe, some oligarchs continue to maintain luxurious lifestyles, spending more than $1 million a year in living expenses.

Ukraine war latest: Russian general, 5 high-ranking officials reportedly killed in Ukraine
Key developments on Nov. 29: * Russian general reportedly killed by landmine in Ukraine * National Resistance Center: 5 high-ranking Russian officials killed in strike on occupied part of Kherson Oblast * Zelensky visits Mykolaiv, Kherson and Odesa oblasts * Kuleba meets with Stoltenberg, discu…
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