The Court of Justice of the European Union rejected the appeal of Igor Shuvalov, the chairman of VEB.RF, the Russian state development corporation.
Shuvalov had asked to overturn the decision of February 7th, 2024 by the Court of Justice, which denied his request for the lifting of EU sanctions against him. The sanctions were imposed on Shuvalov by the EU in 2022.
The justification for the sanctions states: Igor Ivanovich Shuvalov is the chairman of the State Development Corporation VEB.RF, a member of the Russian Federation and member of the Council of the Eurasian Economic Commission. He previously served as First Deputy Chairman of the Government of Russia. In this capacity he made statements about the Russian government’s intention to change budget rules after the illegal annexation of Crimea, which would benefit two million people. His actions and policies undermine the territorial integrity, sovereignty, and independence of Ukraine.
Igor Shuvalov challenged the EU sanctions, but the court rejected him in February 2024. In his appeal against this decision, Shuval cited six grounds in support. Specifically, according to him, the court erroneously ruled that after leaving public office and taking up the position of chairman of VEB.RF, he continued “supporting actions and policies threatening the territorial integrity, sovereignty, and independence of Ukraine”.
The materials from the court also indicate that, in Shuval’s view, he is still subject to restrictions due to statements made more than ten years ago, even though his position as chairman of VEB.RF is just a professional one. This indicates that the EU did not consider the change in his personal circumstances. Ultimately, Shuvalov became a victim of expropriation as a result of these restrictive measures, which do not respect his property rights.
VEB.RF is a state corporation established by Russian federal law exclusively for the public good. In partnership with commercial banks, VEB.RF provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere. VEB.RF is also a government agent for Russia’s foreign debt, both of the Russian Government and of the former Soviet Union, and the management of certain pension funds through State Trust Management Company, a separate division of VEB.RF.
