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Russian oligarchs sue EU over sanctions

Gennady Timchenko
Gennady Timchenko is among the Russian oligarchs suing the EU for applying sanctions. Keystone / Stringer

Some Russian oligarchs, including one with a Swiss address, have launched legal challenges to sanctions imposed by the European Union.

The German newspaper Bild reports that 61 cases are pending at the Court of Justice of the European Union in Luxembourg.

Among the complainants is energy tycoon Gennady Timchenko, who has a residence in Switzerland, according to court papers seen by the media.

Timchenko is apparently demanding €1 million (CHF988,000) in damages from the EU, alleging that he has been falsely linked to Russian president Vladimir Putin.

The complaints are directed at the EU rather than Switzerland, but the Swiss government has mirrored EU sanctions against Russian individuals and entities with links to the Kremlin.

On Friday, Switzerland announced new measures relating to a price cap on Russian crude oil and petroleum products.

Since Russia’s invasion of Ukraine in February and the start of Western sanctions, Switzerland has frozen some CHF7.5 billion ($7.9 billion) of Russian funds.

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