Russian oligarch Abramovich lost a court case regarding the lifting of EU sanctions

Russian billionaire Roman Abramovich has lost a lawsuit over the lifting of European Union sanctions following Russiaʼs invasion of Ukraine.

This is reported by Reuters.

The court also rejected Abramovichʼs claims for compensation, citing his involvement in the Russian steel company Evraz and the fact that steel was a major source of income for the Russian government.

• Roman Abramovich, who also holds Israeli and Portuguese citizenship, is the former owner of the English football club "Chelsea". Forbes estimates his fortune at $9.2 billion. In 2022, Abramovich, as a Russian oligarch, came under sanctions because of the Russian Federationʼs war against Ukraine. The oligarch appealed this decision in court.
• In May 2022, Russian oligarch Roman Abramovich sold Chelsea FC so that the team would not fall under the sanctions that awaited the oligarch himself. American billionaire Todd Boley paid £2.5 billion for the club, leaving £2.3 billion ($2.9 billion) after transaction costs. Abramovich "wanted the proceeds to be transferred to a charity fund for the needs of victims from Russia and Ukraine." Instead, the British government plans to transfer this money only to the newly created fund to help victims of the war in Ukraine