Latvia Challenges EU Court's Annulment of Sanctions on Russian Billionaires

Latvia has appealed the European Union Court of Justice's decision to annul sanctions on Russian billionaires Mikhail Fridman and Petr Aven. Sanctions were initially imposed due to alleged support for Kremlin policies against Ukraine, but the EU court found insufficient evidence. The appeal's admissibility is under assessment.

Latvia has lodged an appeal against a European Union Court of Justice decision that annulled sanctions on Russian billionaires Mikhail Fridman and Petr Aven. The Latvian Ministry of Justice confirmed the appeal, which is currently being assessed for admissibility by the ECJ.

In April, the EU's top court annulled the sanctions imposed on Aven and Fridman during 2022-23, citing a lack of sufficient evidence linking them to Kremlin policies against Ukraine. Russia launched its invasion of Ukraine in 2022. Fridman and Aven hold dual citizenships; Fridman is a Russian-Israeli citizen, and Aven is a Russian-Latvian citizen.

The two businessmen are significant stakeholders in the Alfa Group conglomerate, which owns Russia's leading private bank Alfa Bank and major food retailer X5 Retail Group.

(With inputs from agencies.)