Abramovich ally Shvidler loses appeal over UK sanctions

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.

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 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."