Abramovich ally Shvidler loses appeal over UK sanctions (updated)

Evraz

27/02/2024 10:29

(Recasts paragraph 1, adds details from ruling in paragraphs
6-8)
       LONDON, Feb 27 (Reuters) - A billionaire ally of Russian
businessman Roman Abramovich on Tuesday lost his latest attempt
to overturn British sanctions, in a major legal test of
sanctions imposed following 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, with Judge Rabinder
Singh rejecting Shvidler's argument that the High Court wrongly
concluded Shvidler was associated with Abramovich.
        Shvidler's case that the impact of sanctions were
disproportionate was also rejected.
  
        "I would accept that these sanctions are both severe and
open-ended," Singh said in his written ruling. "But this does
not meet the fundamental point that sanctions often have to be
severe and open-ended if they are to be effective."
  

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