On February 5, the Court of Justice of the European Union considered the appeal filed by the Russian state corporation VEB.RF, headed by Igor Shuvalov, responded to the court’s decision on June 12, 2024 in the T-288/22 case. The corporation demanded that EU sanctions be lifted from it, but it was refused.
The court, having considered the arguments of the party, rejected the appeal (the decision is available in French).
VEB.RF lawyers in the court commented on the position by saying that the state corporation is not “an important credit institution for the Russian financial system” and “has a legal obligation to act completely independently of the Russian state.” However, the arguments did not work on the court.
The initial reasons for the inclusion of VEB.RF was included in the EU sanctions list as follows:
- VEB.RF is a large financial institution, the chairman of which is appointed directly by the President of the Russian Federation, Vladimir Putin, and receives direct instructions from him. The Russian Federation is a significant source of income for the Russian government and manages its state pension funds…
- VEB.RF provides active material or financial support to, or benefits from, Russian decision makers responsible for the annexation of Crimea or the destabilization of eastern Ukraine.
