The Court of Justice of the European Union rejected the claim of Russian businessman Andrey Melnichenko, who demanded that sanctions be lifted against him.
Andrey Melnichenko and his family, with a fortune of 25.2 billion dollars, occupy the top spot in the ranking of Russia’s billionaires compiled by Forbes.
In March 2022, the EU imposed sanctions on Andrey Melnichenko. The sanctions were imposed because he owned the EuroChem Group fertilizer producer and the SUEK coal company. He also had ties to the Russian government, and was involved in sectors that provide a significant source of revenue for the government of the Russian federation, which was responsible for annexing Crimea and destabilizing Ukraine.
In addition, on February 24, 2022, Andrey Melnichenko, along with 36 other businessmen, met with Russian President Vladimir Putin and other members of the Russian government to discuss the impact of the course of action following EU sanctions.
In the Court of Justice, Andrey Melnichenko stated that on March 8, 2022, he ceased to be a beneficiary of the FirstLine Trust, which owns shares in Eurochem, Russia’s largest fertilizer producer, and the SUEK coal company. However, the court did not accept this argument, noting that instead of Melnichenko, his wife Alexandra Melnichenko became the beneficiary of the trust.
The court noted that EuroChem is one of the world’s largest producers and distributors of fertilizers, with sales of $10.2 billion in 2021. Andrey Melnichenko recognized that SUEK was one of the largest integrated energy companies in the world, producing more than 100 million tons of coal per year and employing 73,000 people in Russia.
