Rosneft lost case in European Court
The decision of the European Court of Justice approval of sanctions against Rosneft company will translate in heavy burden for Russian citizens – according to new legislation as the ‘victim’ of the Western sanctions the company will profit from considerable tax advantages.
Europe’s top court upheld European Union sanctions on Russia over the Ukraine conflict, including on its largest oil group Rosneft in a ruling that asserts the court’s jurisdiction over the bloc’s foreign policy.
The EU slapped sanctions on Russia after it annexed Crimea from Ukraine in 2014 and stepped them up as Moscow went on to support a separatist rebellion in Ukraine’s industrial east.
The European Court of Justice (ECJ) said “restrictive measures … in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid.”
Photo: Igor Sechin, Rosneft chairman