The Court of Justice of the European Union has decided to cancel the decision by the European Union, according to which sanctions against Russian businessman Vladimir Rashevsky continue to apply.
The businessman was sanctioned in march 2022 and resigned from his position on the board of directors of JSC EuroChem and from the position of chief executive officer of the company, EuroChem, a leading international fertilizer producer with main assets located in Russia and employing 32,000 people, of which 27,000 are in Russia. Over the past 10 years, EuroChem has invested more than $11 billion in developing its own production facilities.
The Court concluded that “the Council has failed to adduce a body of sufficiently specific, precise and consistent evidence capable of demonstrating that the applicant was a leading businessperson, that he supported the Russian government, or that he was responsible for actions or policies which undermined or threatened the territorial integrity, sovereignty and independence of Ukraine, for the purposes of establishing that the September 2023 acts were well founded, with the result that those acts must be annulled. “
