The co-founder of the investment company LetterOne, Russian billionaire German Khan, has lost a court case challenging the EU sanctions.
The EU Court of Justice in Luxembourg made the decision on November 29, Bloomberg reported.
Russian oligarch German Khan lost his court case challenging EU sanctions
The EU included Khan in the sanctions list as a co-owner of Alfa Group. He is a co-owner of the company with his business partner, Mikhail Fridman.
The EU stated that Khan “maintains a close relationship” with Putin and “continues to provide him with substantial services” and that the owners of Alfa Group receive “business and legal benefits from this relationship.”
Khan is a co-owner of Alfa Group and the owner of the Luxembourg-based company LetterOne
Han is also known for his Luxembourg-based company, LetterOne. Friedman, Alexei Kuzmichev, and Peter Aven founded it in 2013. After being sanctioned in March 2022, all three founders resigned from the board of directors.
Since 2018, German Khan has been on the so-called “Putin List” of the US Treasury Department. This list includes more than 200 Russians close to Russian dictator Vladimir Putin who may be subject to sanctions.
All EU countries have sanctioned him since March 15, 2022, because of his close ties to Putin and his work in the Russian financial sector.
The United Kingdom and Switzerland have also imposed sanctions on Khan.
Russian oligarch Mazepin also lost his court case challenging EU sanctions
In early November, another Putin’s oligarch, Dmitry Mazepin, lost a case in the EU Court of Justice challenging the sanctions.
The General Court of the EU has confirmed that the funds of Dmitry Mazepin, a Russian billionaire owner of a fertilizer company, should remain frozen.
The Finnish authorities arrested the real estate of Russian businessman Boris Alyoshin, who is on the EU sanctions list and is associated with the Russian defense industry.