Against the confiscation of villas and yachts: Russian billionaires went to court because of the EU ultimatum

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Against the confiscation of villas and yachts: Russian billionaires sued because of the EU ultimatum

One of the applicants, businessman Gennady Timchenko, is a close friend of Vladimir Putin. According to the lawyers of the businessman, the EU is required to declare his assets in Europe, intending to confiscate them.

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Co-owners of Alfa-Bank Mikhail Fridman, Petr Aven, German Khan, as well as Russian billionaire Gennady Timchenko and his wife filed lawsuits with the European Court in Luxembourg. Billionaires intend to challenge the EU requirement, according to which they are required to declare their property in Europe within six weeks, writes Bloomberg.

Gennady Timchenko's lawyers argue that the European Union authorities oblige entrepreneurs to file declarations in such a short time in order to in order to further confiscate their property.

The source writes that the violation of the deadlines for the declaration of property is regarded by the EU authorities as a violation of the sanctions regime. One of the European officials in a comment to Bloomberg noted that in the event of a late declaration of assets, the court can indeed initiate a criminal case with further seizure of unregistered property.

Timchenko's representatives in court said that such restrictions do not affect the effectiveness of sanctions.

The owner of the Novatek gas company, Gennady Timchenko, and the owner of the Sibur petrochemical holding, Leonid Mikhelson, suffered the most. By June 2022, their fortunes decreased by $7.06 and $6.65 billion.

Focus also wrote that the United States imposed sanctions against Russian businessman Vladimir Potanin. Thus, among the top ten richest people in the Russian Federation, only businessman Mikhail Prokhorov did not fall under the sanctions.

We also reported that Canadian sanctions against the turbines of the Nord Stream 1 gas pipeline would come into force again. The Canadian government believes that Vladimir Putin did not plan to resume the full operation of the gas pipeline.