Billionaire Pumpyansky from Russia successfully overturned EU sanctions in second court attempt

Russian billionaire Dmitry Pumpyansky and his wife Galina Pumpyanskaya have successfully won their case to lift EU sanctions imposed against them. The European Court of General Jurisdiction in Luxembourg upheld their claim, overturning the EU Council’s decision from September 2022. The court also ordered the payment of legal costs to challenge the sanctions. This decision was published on the court’s website.

The court not only cancelled the September 2022 decision but also the extension of sanctions measures in 2023. However, it did not address the initial decision from March 2022 and the extension from March 2024, which currently keep the billionaire under sanctions.

Dmitry Pumpyansky, founder of the Pipe Metallurgical Company (TMK) and ranked 42nd in Forbes with $3.3 billion, faced sanctions that led him to cease being a beneficiary of TMK. He and his son also resigned from the board of directors of the company. Pumpyansky’s yacht was seized in Gibraltar and sold at auction for $37.5 million in September 2022.

Despite this legal victory, Pumpyansky still faces existing sanctions from previous decisions. The case highlights the complexities and challenges faced by individuals and businesses dealing with sanctions imposed by international bodies like the EU.