European Court of Justice rejects Russian corporations’ request to repeal EU sanctions

The European Court of Justice (ECJ) has dismissed a motion filed by Russian companies and banks - Sberbank, VTB, Vnesheconombank, Rosneft, Gazprom Neft and Almaz-Antey – to annul the EU’s sanctions, TASS reports from the courtroom.

"The court dismisses the action [for annulment of sanctions]," the judge announced.

Russian banks and companies, whose actions to cancel EU sanctions were dismissed by the European Court of Justice, can appeal against the court decision in two months, a court spokesperson told reporters.

Reasons presented by the EU Council [for introduction of sanctions] appear justified, the court said in its ruling.

In July 2014, the European Union imposed sectoral sanctions on Russia in connection with reunification with Crimea and developments in Eastern Ukraine. Sanctions covered companies of defense, energy and financial sectors, particularly banks with the government participation and oil and gas majors. European residents are banned from providing midterm and long-term funding to such banks.

Sberbank filed an action to the European Court of Justice in October 2014 for cancellation of the decision of the EU Council on application of sanctions to the bank. VTB and Vnesheconombank also filed a similar claim, along with Rosneft, Gazprom Neft and Almaz-Antey.

"Two months are in place to appeal against the decision in a superior instance," he said. The procedure will be limited by certain [decision] paragraphs, the spokesperson noted.