Oligarch close to Putin wins case in EU court over no longer valid sanctions

The EU Court of Justice has upheld the complaint of Russian oligarch Dmitry Pumpyansky and his wife, Galina Pumpyanskaya, against EU sanctions at the second attempt.

The General Court cancelled the decision of the Council of the European Union dated 14 September 2022 on restrictive measures in connection with actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, as well as further extensions of this ruling, in part concerning the preservation of the name of Dmitry Pumpyansky in the list of individuals, legal entities and bodies subject to restrictive measures.

However, the court did not overturn the first decision by the Council of the European Union on sanctions dated 9 March 2022, nor the latest decision to extend the restrictive measures of 14 March 2024.

The court ordered that the EU Council cover its own costs and pay the expenses incurred by Pumpyansky.

A similar decision was made in relation to the oligarch's wife.

Pumpyansky is the owner and chairman of the board of OJSC TMK, a steel pipe manufacturer for the oil and gas industry that is a supplier to Russian state energy company Gazprom.

He was sanctioned by the UK, EU and US after Russia's full-scale invasion of Ukraine.

The United Kingdom stated that the billionaire, whose wealth is estimated at £1.84 billion, is one of the oligarchs "closest to Putin".

He has already challenged the sanctions in the EU Court of Justice but failed.

In July 2022, Dmitry Pumpyansky's yacht Axioma, which had been seized in Gibraltar, was sold at auction for US$37.5 million.