The EU’s top court Wednesday refused an appeal by Russian billionaire and staunch Putin ally Gennady Timchenko. The oligarch was placed on the EU sanction list following the 2022 Russian invasion of Ukraine. Timchenko, a long-standing tycoon in the energy sector, was heavily involved in Putin’s work within Russia as the CEO of Novatek, the largest gas producer in Russia.

The EU’s sanctions have frozen all of Timchenko’s assets as well as those of his close family and aids who are located within the European Union. Additionally, a travel ban was enacted on Timchenko and his family, barring them from any EU nation. He is one of over 100 prominent Russians who have had similar sanctions placed on them in response to the invasion of Ukraine. 

This is not the first time there has been a challenge to international sanctions on Russia. Often the reasoning behind these challenges is on moral grounds. In this case, Timchenko argued he no longer has any association with the Russian government after quitting as the CEO of Novatek after Russia began its assault on Ukraine. However, the ECJ remains unconvinced that there is any reason that sanctions should be lifted from Timchenko or any other Russian oligarch. 

Currently, the EU has over $20B of frozen Russian assets at its disposal, and there is much debate as to what should be done with that money. Some argue that it should be used to help fund Ukraine’s counter-offensive and the defence of that nation, but others want it to be used in the rebuilding of Ukraine once the hostilities have ended.