Court overturns sanctions against Russian tycoon Dmitry Pumpyansky

Dmitry Pumpyansky, former president of the Russian metallurgical giant TMK, must be removed from the European Union sanctions list created in response to Russia's aggression against Ukraine, according to a decision made by the Court of Justice of the European Union on Wednesday.

Reuters reported the ruling, also reminding that the same court overturned the sanctions imposed on another Russian billionaire, Mikhail Fridman, and his business associate, Petr Aven in April.

Dmitry Pumpyansky was added to the EU sanctions list in March 2022. At that time, he served as president of TMK, a company that produced steel pipes. He was also president and board member of the Russian investment bank Sinara.

The European Union accused Pumpyansky of both TMK and Sinara "support and benefit from cooperation with authorities of Russian Federation and State-owned enterprises, including Russian railways, Gazprom and Rosneft."

According to Reuters, in its ruling, the Court of Justice of the EU stated that the EU Council did not provide sufficient evidence to justify maintaining sanctions against Pumpyansky after he resigned from his position.

The Court of Justice of the EU expressed its stance as follows: The Council has not produced sound and consistent evidence ... links with TMK and Group Sinara as well as with economic sectors providing a substantial source of revenue to the Government of the Russian Federation".