Advocate General court of the EU upheld sanctions against Rosneft

Advocate-General European court of justice, Melchior Valle, brought to trial on the lawsuit challenging the sanctions, “Rosneft”, recognized mostly justified the measures imposed against Russian companies because of the situation in Ukraine, reports the Associated Press. Wetle noted that only one order is contrary to the sanctions regulations of the European Union. Fully the conclusion of the advocate General published on the court’s website.

Press Secretary of “Rosneft” Mikhail Leontyev did not comment on this statement.

Conclusion of the advocate General is an interim solution, it does not oblige the EU court make the decision. In February, Mikhail Leontyev said that the final decision the court may make in November. However, he admitted that the statement of the advocate General are usually “meaningful predetermines the judicial decision” (quoted by “RIA Novosti”).

The EU began to impose sanctions against Russia, Russian banks and companies in the spring of 2014 in connection with events in Ukraine. “Rosneft” came under European sanctions in September of the same year. The EU has banned European companies to provide services for exploration and production of deepwater and Arctic oil projects for exploration and production of oil method frekinga.

In November 2014, the Russian state company filed in London’s High court a lawsuit against the British Treasury, the Ministry of business and management on regulation of the financial markets. Rosneft argued that the UK too broadly interpreted the sanctions resolutions, including the term “financial assistance” (financial assistance) and a ban on the issuance of global Depositary receipts (GDRs), which led to additional restrictions for work of “Rosneft” to international markets. The company said that EU authorities have given a clear enough definition of “shale” and “deep water” projects. Rosneft is also believed that sanctions is a way of crowding out companies with promising markets. In February last year, a London court has ruled to send the case to the European court of justice in Luxembourg, stating that “Rosneft” challenges of the EC regulation, but the British court has no right to make a decision about their legality.

“Rosneft” also appealed against the decision of the EU Council on sanctions in the European court of General jurisdiction, but the action was postponed until, until a European court issued a ruling in a suit filed in the UK.

“Rosneft” became the first sanctioned Russian companies, initiated judicial proceedings demanding the lifting of EU sanctions. After the company filed similar lawsuits, Gazprom Neft, Sberbank, VEB and VTB. In April 2015 the European court offered to postpone the consideration of actions “Gazprom” and the savings Bank pending a decision in the case of “Rosneft”.