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Russia’s Transneft has no plans of contesting EU sanctions in court

October 29, 2014, 17:36 UTC+3
It's more expensive to challenge sanctions in court than actually facing them, Transneft spokesman said Wednesday
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© ITAR-TASS/Maksim Kimerling

MOSCOW, October 29. /TASS/. Russian oil pipeline delivery company Transneft said that this will be more expensive for the company to challenge sanctions at the court of arbitration than to suffer the impact of sanctions, Transneft spokesman Igor Demin told reporters on Wednesday.

“It is more expensive to take legal action than to suffer losses from sanctions,” he said.

Russian companies file lawsuits against EU sanctions

Along with Russian oil majors Rosneft and Gazprom Neft and five major Russian state-run banks Sberbank, VTB, Gazprombank, VEB and Rosselkhozbank Transneft came under the effect of EU sectoral sanctions on July 31. The latest variant of European sanctions envisages a ban for EU investors to lend funding to Russian companies from the sanctions list for more than 30 days.

Infographics Economical sanctions against Russia Economical sanctions against Russia
The USA, EU, Canada and Australia have introduced sanctions against Russia over its involvement in the Ukrainian crisis. Infographics by ITAR-TASS
Gazprom Neft, VTB, Sberbank and Gazprombank have already challenged EU sanctions in court filing a lawsuit in the General Court of the European Union. Rosneft and business tycoon Arkady Rotenberg put on European sanctions lists in late July also have filed a lawsuit in the General Court of the European Union. Lawsuits against the European Council, an EU institution taking decisions on sanctions, are lodged with Luxembourg-based European Court of Justice.

Sanctions are in effect for a year with an option of revision in three months.

The General Court of the European Union is a first instance court which is tasked to settle disputes related with EU legislation, their compliance with domestic legislations of EU states and their fulfilment by European companies and organisations. Rulings of this court can be cancelled by the European Court of Justice.

In the past European sanctions were already challenged successfully in court, particularly by several Iranian banks which proved that Brussels sanctions imposed on them were groundless.

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