“Rosneft” has warned about the probability to lose the case of EU sanctions in European court

“Rosneft” has warned about the probability to lose the case of EU sanctions in European court

Moscow. May 31. NK “Rosneft” can lose the hearing of the suit on the illegality of the sanctions of the European Union, announced Tuesday the advocate General of the European court Melchior Valle.

Conclusion of the advocate General is not binding and is an interim decision in the case. The final decision is made usually within four to six months, informed the press-Secretary of Rosneft Mikhail Leontyev said that the final decision is expected in November.

In most cases, the European court of justice (the highest court in the EU) agrees with the opinion of the advocate General, however, in judicial practice block, there were exceptions, when decisions were diametrically opposed.

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It was reported that “Rosneft” submitted the claim to the British authorities about the legality of sectoral EU sanctions imposed on Russia in 2014. According to Rosneft, the UK interpreted too widely, resulting in additional unjustified restrictions for the company in international markets.

However, in January 2015 London’s High court sent the claim of “Rosneft” in the Court of the EU, since the Russian company is contesting the regulations of the European Union and the British court has no authority to impose a decision on their legality. The case number is C-72/15. Rosneft also disputes the sanctions of the EU directly before the European court of General jurisdiction (the second largest in the EU after the European court), however, the proceedings in this suit pending as long as no decision of the European court in a suit filed in the UK.

“Rosneft” challenges of European sanctions on the oil sector, which limit the supply of goods and services for use in Arctic, deepwater and shale and in oil production in Russia, as well as provisions on securities lending and restricting the provision of Finance and services on trade shares of certain Russian companies, including NK.

As noted by the press service of the company, the sanctions are a way to fight for market share, crowding out companies with promising markets, otherwise it is not clear how the limitations, the reason for which was the annexation of Crimea to the Russian Federation, concern such issues as the access of oil companies to international financial markets, oil production on the Arctic shelf, the development of tight oil, deepwater and shale deposits.

Claims in connection with the European sanctions filed as “Gazprom Neft”,VEB, Sberbank and VTB. Case of Rosneft against the Council of the EU is the first case to challenge the sanctions, initiated by the Russian company. In April of last year, Gazprom Neft and Sberbank have received from the European court a motion to defer consideration of their cases by the sanctions pending a decision on a similar claim of “Rosneft”.

The European court of General jurisdiction in September 2014 acknowledged the illegal freezing of assets of the Central Bank of Iran, as the grounds submitted by the Council of the EU, were devoid of detail.