European Union’s economic sanctions imposed on Russian companies because of the Russian annexation of Crimea are valid in the main under the EU’s common security and defense policy decided today the advocate general of the European Court of Justice.
Advocate general Melchior Wathelet issued the opinion Tuesday in response to a challenge the Russian oil and gas producer Rosneft filed before a British court.
Rosneft was seeking annulment of an EU leaders’ decision in July 2014 to impose restrictive measures on it and other Russian companies following Russia’s annexation of Crimea from Ukraine.
Wathelet found the sanctions valid with the exception of one regulation he said was in contradiction with the EU leaders’ original decision. He asked the EU court to formally adopt his non-binding conclusions. The Luxembourg-based tribunal is expected to rule within three to six months.
The Russian government has announced a reduction in its stake in Rosneft, the world’s top listed oil producer by output, to 50 percent from 69.5 percent in its privatisation plan for 2016.
Subsequently, China National Petroleum Corporation (CNPC) said it may consider increasing its stake in Rosneft.
https://www.neweurope.eu/article/european-court-sanctions-russian-companies-legally-valid/
