The Court of the European Union rejected the request of Russian businessman Kirill Shamalov, who was the youngest billionaire in Russia as of 2018 according to Forbes, to lift EU sanctions against him.
Kirill Shamalov demanded that the sanctions be lifted. The case T-651/22 involving Kiril Shamalov was heard on September 4 by the court.
At the time of imposing sanctions, the EU said that Kiril Shamalov is a deputy chairman of PJSC Sibur Holding, which is Russia’s biggest integrated petrochemical company and is active in sectors that generate significant revenue for the Russian government, which has annexed Crimea and caused instability in Ukraine.
In court, Shamalov’s lawer stated that he no longer holds a senior position at Sibur, and Sibur itself is not a company providing substantial financing to the Russian Federation, is not a major exporter such as Gazprom. It was also alleged that Kirill Shamalov did not participate in the meeting organized by President Putin on February 24, 2022.
The court also found that “The applicant is a former deputy chairman of the Board of Directors of PJSC Sibur Holding, the largest integrated petrochemical company in Russia. He remained a shareholder of Sibur Holding and retained a senior position in the company. In addition, he benefits from his personal ties with the Kremlin and holds senior positions in many large Russian companies.”
