Businessman Shvidler loses court challenge to overturn UK sanctions (updated)

Evraz

18/08/2023 10:56

(Adds details, background pars 3-9)
    By Michael Holden
       LONDON, Aug 18 (Reuters) - A billionaire ally of Russian
businessman Roman Abramovich on Friday lost his attempt at
London's High Court 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.
    "In my view, it cannot properly be said that the Secretary
of State has failed to strike a fair balance between the rights
of Mr Shvidler and his family and the interests of the 
community," the judge Neil Garnham said in his ruling as he
dismissed Shvidler's challenge.
    The case is the first substantive challenge to British
sanctions imposed following Russia's invasion.
        Western governments have sanctioned a raft of people and
businesses over their alleged connections to Russian President
Vladimir Putin and the Russian government, prompting legal
challenges from those who say they have been unfairly targeted.
  
        Britain alone has sanctioned about 1,600 people –
including Abramovich, who is separately challenging sanctions
imposed by the EU – following last year's invasion of Ukraine
and frozen more than 18 billion pounds ($23 billion) in assets.
  
        Shvidler – a dual British-U.S. citizen – argued Britain
was wrong to impose sanctions just because of his relationship
with Abramovich, whom he described as a close friend.
  
        Britain had 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.
  
        The businessman's legal team told the High Court at a
hearing in July that Shvidler did not receive any financial
benefits from Abramovich, and any payment he received from Evraz
or Sibneft was from those companies and not Abramovich.
  

 (Reporting by Michael Holden; Editing by Kate Holton)
 ((michael.holden@thomsonreuters.com;))