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European court upholds sanctions against Russia's oil major Rosneft as ‘justified’

March 28, 11:22 UTC+3

According to the European Court of Justice, the sanctions are not aimed at freezing bank assets of the company

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© EPA/STRINGER

LUXEMBURG, March 28. /TASS/. The European Court of Justice of General Jurisdiction has declared the EU sanctions against a number of Russian companies, including state-owned oil company Rosneft that were imposed in connection with the situation in Ukraine, justified. That is according to the court’s verdict on the claim of Rosneft against the EU Council.

Rosneft lawyer said the decision on sanctions is final and not subject to appeal. 

The court found that there are no facts that could challenge either the validity of the decision (of the Council of the EU on sanctions) or the legal norms adopted on its basis.

This verdict can become the basis for a similar decision on the lawsuit of Rosneft in the Higher Court in London, and also creates a precedent for making judgments on claims of other Russian companies.

The court ruled that the EU sanctions against Rosneft must not be used for suspension of banking payments or any other form of freezing of the company's assets. 

According to the court’s verdict, prohibitive measures do not concern payments (of the company) by banks. They are not aimed at freezing bank assets (of the company).

This verdict can become the basis for a similar decision on the lawsuit of Rosneft in the High Court in London, and also creates a precedent for making judgments on claims of other Russian companies.

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