The businessman’s lawyer tried to convince the court that Shvidler had no ties to Russian President Putin, was not involved in Russian politics, and that due to the sanctions, he lost the opportunity to manage the assets of his ward.
The Supreme Court in London rejected the argument of Roman Abramovich’s business partner, Yevgeny Shvidler, regarding the lifting of British sanctions. This was reported by Reuters on August 18.
Journalists say this case is the first serious challenge to British sanctions imposed on individuals and companies suspected of ties to the Kremlin and Russian President Vladimir Putin after Russia’s large-scale invasion of Ukraine. The UK took into account the directorship of Russian steelmaker Evraz, whose shares are listed on the London Stock Exchange, when imposing sanctions on Shvidler.
Also, according to the British authorities, Yevgeny Shvidler became involved in the Russian oil company Sibneft, which Roman Abramovich sold in 2005. This was proof that he was taking advantage of Abramovich financially.
The businessman’s lawyer, Michael O’Kane, said at the court hearing that Shvidler had no relationship with Russian President Vladimir Putin and was not involved in Russian politics. The sanctions deprived the businessman of the opportunity to manage assets and do business, and destroyed his reputation.
After the decision was announced, the lawyer said that his client would appeal the decision.
Who is Evgeny Shvidler?
Oil tycoon Shvidler, whose fortune is estimated at $ 1.6 billion by Forbes magazine. In 2022, when it was understood that Roman Abramovich was a business partner, Yevgeny Shvidler was sanctioned. Two of his private jets were arrested.
In addition, yachts and planes are prohibited from entering ports, flying in UK airspace and landing at UK airports.
Meanwhile, a relatively quick procedure for reviewing sanctions in a pre-trial order should be introduced so that decisions on the expropriation of Russian assets in Ukraine are not revoked by international authorities in the future. I wrote this on Aug. Focus in the article “Russian billions. Why is the confiscation of Russian assets in Ukraine stalling”.
Important
“Any person sanctioned can provide evidence that their application is unfounded and the state can independently correct the error and restore rights that have been violated,” said Irina Kobets, Head of Litigation, LCF Law Group Legal Counsel.
Recall, on July 12, Reuters reporters reported that the former owner of London Chelsea, Russian businessman Roman Abramovich, filed a complaint against EU sanctions in the General Court of the European Union.
And on July 20, the UK lifted personal sanctions on Oleg Tinkov, a Russian businessman and founder of Tinkoff Bank.
Source: Focus
John Holton is a seasoned author and journalist, known for his expertise in economics. He currently works as a writer at 24 news breaker, where he provides readers with in-depth analysis and commentary on the latest economic developments. With a background in finance and a talent for explaining complex economic concepts in a clear and accessible way, John’s writing is a must-read for anyone interested in staying informed about the economy.