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    World

    European Court rejects Alisher Usmanov's appeal to lift sanctions

    European Court rejects Alisher Usmanov's appeal to lift sanctions

    The European Court of General Jurisdiction has rejected the appeal of Russian billionaire Alisher Usmanov to lift sanctions, Bloomberg reports. Usmanov had argued that his inclusion on the EU sanctions list was unfair, attributing it to his wealth and celebrity status.

    Alisher Usmanov.
    Source: Reuters

    Following the court’s decision, Usmanov’s press secretary declined to comment.

    Background of the Sanctions

    In March 2022, Usmanov was included in the sanctions lists of the European Union and Japan. As per the EU, Usmanov is part of the circle of “state businessmen”—the Kremlin’s proxies for servicing financial flows, whose positions depend on the president—and supports the “destabilization of Ukraine”.

    Impact on Usmanov’s Businesses

    Following his inclusion in the sanctions lists, Usmanov filed a lawsuit regarding EU sanctions, stating that the restrictions threatened the bankruptcy of the holding’s key companies - MegaFon, Metalloinvest and Udokan Copper.

    Usmanov’s Shift in Focus

    In January, it was revealed that Usmanov intended to end his business activities and resign from the board of the Russian Union of Industrialists and Entrepreneurs. He confirmed his exit from corporate projects and focus on philanthropy in an interview with Italy’s TGcom24.

    Reported Losses Due to Sanctions

    Usmanov later reported “significant” losses due to the sanctions, which affected tens of thousands of people associated with him. The billionaire refused the status of “oligarch,” justifying this by “non-participation in privatizations” and the lack of “dubious assistance from the state”.

     

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    07.02.2024, 22:24   Comments (0)   2157
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