Russian oil tycoon Shvidler loses Supreme Court appeal against UK sanctions

Evraz

29/07/2025 09:49

LONDON, July 29 (Reuters) - Billionaire oil tycoon Eugene Shvidler on Tuesday lost his latest attempt to overturn British sanctions imposed over Moscow's invasion of Ukraine at the UK's Supreme Court.

Shvidler was sanctioned in March 2022 on the grounds of his association with former Chelsea Football Club owner Roman Abramovich, plus Shvidler's former position as a director of London-listed Russian steel producer Evraz EVRE.L.

He argued the decision was arbitrary, as other companies and executives involved in business which is strategically significant for Russia have not been targeted.

But Britain's Foreign Office, which has overseen the sanctioning of more than 1,700 individuals or entities since Russia's invasion, argued it was right to believe sanctioning Shvidler could secure Britain's foreign policy aims.

Shvidler – whose net worth is estimated by Forbes magazine at $1.6 billion – appealed to the UK's Supreme Court, with his lawyers arguing that others with greater involvement in business of importance to Russia were not sanctioned, citing BP's BP.L previous joint venture with Rosneft ROSN.MM.

The Supreme Court, however, rejected Shvidler's appeal by a four-to-one majority in a ruling that maintains Britain 100% record of defending Russian sanctions challenges in court.

Shvidler had said British sanctions have destroyed his business and disrupted his and his family's lives.

But the majority of the Supreme Court ruled that the sanctions struck a fair balance between Shvidler's rights and the aims of the sanctions regime.

Shvidler's case was heard by the Supreme Court shortly before a separate appeal brought by Russian businessman Sergei Naumenko, whose superyacht was detained in London.

Naumenko said he was targeted simply because he was a wealthy Russian, despite the fact that he had no involvement in Russian politics.

The Supreme Court unanimously dismissed Naumenko's appeal.

 (Reporting by Sam Tobin; editing by Sarah Young)

 ((Sam.Tobin@thomsonreuters.com;))