Sanctioned Russian Tycoon Usmanov Loses EU Court Appeal

(Bloomberg) -- Russian metals tycoon Alisher Usmanov lost his fight against European sanctions over his links to President Vladimir Putin, the EU’s General Court ruled Wednesday dismissing the appeal.

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Usmanov told EU judges last year that he had been unfairly singled out by officials for wealth he amassed and for being a “visible symbol” known to the public.

Usmanov founded USM, a Russia-based investment group that controls Metalloinvest, Russia’s largest iron ore producer. He is Russia’s sixth richest person with a net worth of $20.7 billion, according to the Bloomberg Billionaires Index. On top of Russian citizenship he is also an honorable citizen of Uzbekistan, where he was born.

The EU has sanctioned almost 1,950 individuals and entities since Russia’s attacks on Ukraine, starting with its annexation of Crimea in 2014 and then its invasion of Ukraine in February 2022. Usmanov is among dozens of billionaires, including Roman Abramovich, and family members who’ve flocked to the bloc’s top courts in an attempt to extricate themselves from the list and have their funds unfrozen — with little success.

A spokesperson for Usmanov declined to immediately comment on the ruling.

The case is: T-237/22, Usmanov v. Conseil.

(Updates with spokesperson in the last paragraph)

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