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.
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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