Abramovich ally Shvidler loses appeal over UK sanctions

Evraz

27/02/2024 10:01

LONDON, Feb 27 (Reuters) - A billionaire ally of Russian
businessman Roman Abramovich on Tuesday lost his latest attempt
to overturn British sanctions imposed on him after Russia's
invasion of Ukraine.
    Oil tycoon Eugene Shvidler, whose net worth is estimated by
Forbes magazine at $1.6 billion, was sanctioned in March 2022 on
the grounds of his association with former Chelsea Football Club
owner Abramovich. His two private jets were also seized.
    Britain also cited Shvidler's position as a director of
London-listed Russian steel producer Evraz  EVRE.L  and role at
Russian oil company Sibneft, sold by Abramovich in 2005, as
evidence he obtained a financial benefit from Abramovich.
    Lawyers for Shvidler – a dual British-U.S. citizen – had
argued Britain was wrong to impose sanctions just because of his
relationship with Abramovich.
    He lost his initial challenge to the sanctions at London's
High Court last year and asked the Court of Appeal to overturn
that decision at a hearing in January.
    But his appeal was dismissed on Tuesday, in the first
substantive appellate ruling on British sanctions imposed
following Russia's Ukraine invasion.

 (Reporting by Sam Tobin; Editing by Kate Holton)
 ((Sam.Tobin@thomsonreuters.com;))