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