Jurisdiction(s):
United Kingdom

EU court quashes Fridman and Aven listings as UK appeal rulings back broad sanctions, exposing divergence on evidential standards and designation criteria

Published on: 12 April 2024

Published by a Law360 reporter

Legal News

Article summary

The EU General Court has set aside the first round of sanctions on Mikhail Fridman and Petr Aven, ruling that the evidence did not adequately demonstrate links to Vladimir Putin’s regime or efforts to destabilise Ukraine following Russia’s 2022 invasion. The pair—major shareholders in Alfa Group, the conglomerate behind the Russian heavyweight Alfa Bank—remain listed while their challenge to a subsequent package of measures, imposed in March 2023 after their designation, moves through the courts in a separate action.

Lawyers suggest this early win may encourage some of the other 1,700 listed people and organisations with cases before the European court, especially where proceedings in England have fizzled out. Maria Nizzero, a financial crime and security specialist at the Royal United Services Institute think tank, said the decision marks a notable departure from UK court cases, where judges have shown marked deference to decision-makers and adopted a broad view of admissible evidence. The EU court delivered its judgment weeks after the Court of Appeal dismissed challenges by two other...

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