The European Union Court has lifted personal sanctions against Russian oligarchs Petr Aven and Mikhail Fridman, the main shareholders of the Russian financial and investment consortium "Alfa-Group."

This was announced in a statement by the court.

The EU Court overturned the inclusion of Fridman and Aven on the list of individuals subject to restrictive measures from February 2022 to March 2023. The European Union previously stated that Aven and Fridman were linked to other sanctioned individuals, including Russian President Vladimir Putin himself.

It was noted that they provided material or financial support to Russian individuals making decisions and supported actions and policies threatening the territorial integrity, sovereignty, and independence of Ukraine.

However, Aven and Fridman argued that the evidence provided for these accusations was neither reliable nor credible, and the final assessments were erroneous. The court granted the oligarchs’ request.

However, an appeal can still be filed against the court’s decision within two months from the date of its announcement. Earlier reports indicated that ABHH Holdings S.A., which was the nominal owner of “Alfa-Bank,” filed a lawsuit with the International Center for Settlement of Investment Disputes (ICSID) over the forced nationalization of the financial institution in Ukraine. They are seeking compensation of $1 billion.

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