Russian steel billionaire Victor Rashnikov lost a European Union court fight against his inclusion on the bloc’s sanctions list following the invasion of Ukraine.
The EU’s General Court in Luxembourg, the bloc’s second-highest tribunal, dismissed his appeal on Wednesday. The full ruling wasn’t immediately made available by the court.
Dozens of wealthy Russian business bosses, including the likes of Roman Abramovich, and family members have taken to the bloc’s Luxembourg-based courts in an attempt to break free from the sanctions and regain control of their assets, mansions and superyachts.
Rashnikov, 74, is one of the oldest Russian billionaires, having made his fortune as the owner of Magnitogorsk Iron & Steel PJSC, known as MMK, among the nation’s biggest steelmakers.
The EU has sanctioned close to 1,800 people and entities since Russia’s attacks on Ukraine, starting with the annexation of Crimea in 2014 and followed by the invasion of its neighbor in February last year.