EU court overturns sanctions on Russian tycoon Dmitry Pumpyansky

Dmitry Pumpyansky, the former president of the Russian metallurgical giant TMK, must be removed from the European Union sanctions list created in response to Russia's aggression against Ukraine, according to a decision made by the Court of Justice of the European Union on Wednesday.

Reuters reported the ruling, reminding readers that the same Court overturned sanctions in April against another Russian billionaire, Mikhail Fridman, and his business associate, Petr Aven.

Dmitry Pumpyansky was added to the EU sanctions list in March 2022. At that time, he was president of TMK, a company that produced steel pipes. He was also president and a board member of the Russian investment bank Sinara.

The European Union accused Pumpyansky of supporting and benefitting from cooperation with the authorities of the Russian Federation and state enterprises, including Russian Railways, Gazprom, and Rosneft.

According to Reuters, in its ruling, the Court of Justice of the EU stated that the EU Council did not provide sufficient evidence to justify maintaining sanctions against Pumpyansky after he resigned from his position.

The Court of Justice of the EU expressed its stance: "The Council has not produced sound and consistent evidence ... links with TMK and Group Sinara as well as with economic sectors providing a substantial source of revenue to the Government of the Russian Federation."