The EU court on Thursday upheld sanctions against the second largest Russian Bank VTB, rejecting his appeal against the restrictive measures introduced in 2014 because of the aggression of Russia against Ukraine.
It is reported by the EP with reference to the decision of the court.
VTB brought three grounds of appeal, however, the EU Court rejected them.
“On this basis, the court dismisses the complaint; directs PJSC VTB Bank to bear its own costs and to pay the costs incurred by the Council of the European Union; orders the European Commission to bear their own costs,” reads the court’s decision.
The EU imposed sanctions against Russia in response to Russian military intervention in Ukraine in 2014. Russian banks and companies filed a lawsuit against the EU in 2014.
The EU sanctions have imposed restrictions on certain financial transactions and the export of some important goods and technologies, limited access of a number of Russian regions to the capital market and banned the provision of services that are required for certain activities associated with the oil.
In September 2018 the EU Court upheld the sanctions imposed by the EU Council against a number of Russian banks and oil and gas companies in connection with the aggression of Russia against Ukraine. VTB appealed this decision in March 2019.