March 29, 2024

Russia’s blacklisted Rosneft, billionaire Rotenberg take EU to court over sanctions

Arkady Rotenberg, Igor Sechin (RIA Novosti/Vladimir Fedorenko, Vladimir Astapkovich)

Arkady Rotenberg, Igor Sechin (RIA Novosti/Vladimir Fedorenko, Vladimir Astapkovich)

State-owned oil company Rosneft and billionaire Arkady Rotenberg have filed a case in the European Court of Justice against the European Council challenging its decision over sanctions, according to papers filed with the court.

Rosneft submitted the claim on
October 9, and
Rotenberg the next day, October 10.

On October 9, Rosneft announced a tender to law firms worth £17.7
million for five of legal work to help win the case, TASS reports
citing Rosneft documents.

The full text of the claim isn’t available on the court website,
but the Financial Times says the Russian oil giant is
challenging the European Council decision dated July 31 that
placed the company and Arkady Rotenberg, President Putin’s judo
partner, on the blacklist.

That round of sanctions banned some of Russia’s biggest and most
important firms from borrowing long-term on European financial
markets. Individuals sanctioned, included Arkady Rotenberg, are
faced with a travel ban and a freeze of assets held in Europe.

Rosneft declined to give RT comment on the issue.

Arkady Rotenberg is the Chairman of SMP Bank, Russia’s 36th
largest bank which was sanctioned by the US in March after Crimea
voted to rejoin Russia. He is a long-time friend and former judo
sparring partner of President Putin.

Along with his brother Boris, the two Rotenbergs have substantial
business interests in Russia. Together, they own a controlling
share in the Stroygazmontazh Corporation (SGM Group), Russia’s
largest gas pipeline construction and electrical power line
supplier.

SGM is the Gazprom’s biggest contractor, and is currently
constructing sections of the 2,446 km pipeline that will stretch
across Southern and Eastern Europe. The brothers were also in
charge of the construction of the Druzhba pipeline project for
the Sochi Olympics.

The began began aquiring Gazprom subsidiaries in 2008.

Recently, they sold their shares in the Finnish hockey team
Jokerit, along with the stadium they built to Boris’s son, Roman
Rotenberg.


Article source: http://rt.com/business/196788-rosneft-rotenberg-eu-sanctions/

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