Fridman and Aven, who are both major shareholders of Alfa Group, one of Russia’s largest privately owned investment groups, have been under EU sanctions since late February 2022, shortly after Russia launched its full-scale invasion of Ukraine.
The EU called Fridman “a top Russian financier and enabler of Putin’s inner circle” when it placed him on the sanctions list, while it said Aven was “one of Vladimir Putin’s closest oligarchs.”
But on Wednesday the court argued that while there might be “proximity between Petr Aven and Mikhail Fridman and [Russian President] Vladimir Putin,” there isn’t enough evidence to prove that the businessmen have supported the Kremlin’s war against Kyiv, or that they have “supported actions or policies” that undermine Ukraine.
The General Court is one of the chambers of the Court of Justice of the European Union.