The European Court of Justice upheld the European Council’s sanctions against Russian oil company Rosneft on 28 March 2017. Pictured: An oil rig that is part of the Sakhalin-1 project in a publicity picture published on Roseneft’s website.
The European Court of Justice has upheld European Union sanctions against Russian undertakings, including Rosneft, in response to the crisis in Ukraine.
In July 2014, the European Councilimposed sanctions on Russian firms and individuals in response to Russian actions to destabilise Ukraine. Rosneft, an oil company partially owned by the Russian state, then challenged, before the High Court of Justice (England & Wales), “the validity under EU law of the restrictive measures imposed by the council on it and the implementing measures adopted by the United Kingdom that are based on the council acts,” according to a court media statement.
This week the EU’s top court, based in Kirchberg, said the EU and UK sanctions were valid.
In its ruling, the ECJ noted that:
“Having regard to the fact that the restrictive measures adopted by the council in reaction to the crisis in Ukraine have become progressively more severe, interference with Rosneft’s freedom to conduct a business and its right to property cannot be considered to be disproportionate.”
“Rosneft considers the decision of the EU Court of Justice, delivered on the 28th of March, 2017, illegal, groundless and politicized. This decision proves that in Europe the rule of law is being substituted with the rule of politics. (…) Rosneft continues to insist that it has not committed any illegal actions in any jurisdiction of the Company’s activities, including Ukraine, and has no links to the Ukrainian crisis.”
The case now returns to the High Court in London for final adjudication.