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EU General Court upholds sanctions on Russia’s National Settlement Depository: sufficient reasons, adequate evidence and proportionality satisfied (T‑494/22)

Published on: 12 September 2024

Published by a Law360 reporter
Legal News
Article summary

European General Court rejects bid to annul EU sanctions on Russia’s National Settlement Depository

The European General Court dismissed an effort by Russia’s National Settlement Depository to overturn EU sanctions, finding the measures proportionate to the bloc’s aim of reducing Russia’s capacity to finance the invasion of Ukraine and supported by sufficiently detailed reasoning. The court stated that the contested acts are designed to cut Russian state revenues and apply pressure on the Russian government, thereby limiting its ability to fund its activities; consequently, targeting economic operators that provide the Russian authorities with material or financial backing aligns with that purpose and cannot be considered inappropriate. The EU introduced sanctions against the Russian government in February 2022 following the invasion of Ukraine, before expanding them to encompass entities such as the depository...

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