The Court of Justice of the European Union in Luxembourg has lifted sanctions against Russian oligarch Dmitry Pumpyansky, his wife and son.
This is stated in the court decision.
Pumpyansky is the founder of the Pipe Metallurgical Company
Sanctions against Dmitry Pumpyansky — at that time the actual owner (he controlled 90% of the shares) of the Pipe Metallurgical Company, as well as the president and beneficiary of the Sinara group — were imposed in March 2022. His family members — his wife and son — were also subject to sanctions. Aleksander Pumpyansky was a member of the board of directors of companies owned by his father. Galina Pumpyanska was subject to sanctions because she headed a fund owned by her husband’s company.
In March 2022, the European Union ruled that the Pumpyanskys’ businesses were closely linked to the Kremlin — and enabled Russia to finance its invasion of Ukraine. The Pumpyanskys left their positions at both companies and challenged the sanctions in court. However, the UK has said that Pumpyansky is one of the oligarchs closest to Putin.
Now the court has failed to prove that the oligarch continues to provide significant support or benefit from ties to the Russian authorities. It also indicates that he has ceased to be a “leading businessman” who brings significant income to the Russian government. So the court ruled to lift the sanctions against the Pumpyanskys and also ordered the EU Council to compensate them for their legal costs.
- On August 23, 2022, the first confiscated yacht of a sanctioned Russian oligarch was sold in Gibraltar — it belonged to Dmitry Pumpyansky.
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