Date: 9 months ago   Category: Winter

The Russian companies have found refusal of the European Court of Justice to cancel sanctions illegal


The European Court of Justice of general jurisdiction in Luxembourg has rejected the claim of the largest Russian companies for cancellation of sanctions of the European Union. The court has counted the reasons for imposition of sanctions presented by the EU Council, reasonable. A claim was submitted at once by several large Russian companies among which there are Sberbank, VTB, VEB, Rosneft, Gazprom Neft. Rosneft prokommentrovat to Lenta.ru the decision of the European Court of Justice. The company is firmly convinced that application of sanctions against private business firms can't be justified as they don't participate in adoption of political decisions. Therefore, broadcast of sanctions on corporate level is a legal arbitrariness. The company has emphasized that acts which have accepted sanctions don't contain the substantial arguments proving their application. Rosneft insists on the fact that it is the international public company which shares are traded at the Russian and international exchange venues. Among shareholders of Rosneft there are tens of thousands of individuals, including foreigners. The largest shareholder after the Russian state is the BP concern which possesses 19,75 percent of shares of the company. Besides, since September, 2018 18,93 percent own the equity stake of Rosneft also sovereign Qatar fund (QIA). Thus, nearly a half of stocks of the Company belongs to the international shareholders. And politically motivated sanctions cause them serious damage: prevent effective work of management, limiting access to the financial markets and creating obstacles for implementation of perspective projects. Certainly that sanctions have caused serious economic damage and to many European partners of Rosneft. You shouldn't forget that Rosneft is the largest supplier of energy carriers in the EU and, as a result, the considerable segment of investment activities of the Company has been directed to implementation of projects in Europe. However, with imposition of sanctions this activity had to be limited considerably. Therefore, sanctions had harmful consequences for a large number of the European companies. As a result of sanctions of Rosneft it was necessary to leave the leading Italian Saras Oil Refinery as the Company had no opportunity to acquire a controlling stake of an asset that, certainly, has negative impact on oil processing branch of Italy. The representative of the company has emphasized that Rosneft was always a reliable partner for the European companies, provided uninterrupted supply of oil to Europe, completely fulfilling obligations under long-term contracts. Any other Russian company didn't cooperate so closely with the American and European grandees. Rosneft had had close ties with ExxonMobil, Statoil, BP, Eni, Pirelli, General Electric and other companies. And sanctions became artificial intervention in living tissues of the international cooperation. Besides, the representative of Rosneft considers that sanctions have been accepted for achievement of the hidden purposes, they contradict the Partnership and Cooperation Agreement with

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