Weathering Challenges: European Union Asset Reporting Stymies Legal Actions by Russian Tycoons
The situation revolves around wealthy individuals Petr Aven, Mikhail Fridman, German Khan, and Gennady Timchenko, along with his spouse Elena. In July 2022, the EU Council established a regulation, requiring those on the list to disclose their assets within the EU and collaborate with authorities during reviews.
Some considered this action a misuse of the Council's authority, but the EU Court dismissed this perspective. The Council argued that it has the duty to enforce reporting requirements and cooperation obligations, which aid in the effectiveness of asset freezing, it affirmed. The cases were closed.
Previously, in April, the EU Court had lifted sanctions for Aven and Fridman, but only for the time frame of late February 2022 to mid-March 2023. Pending cases are still under review. Those affected have the opportunity to challenge the decision of the 22nd of April at the European Court of Justice, the superior court.
Despite the EU Court's decision in April to partially lift sanctions for Aven and Fridman, the EU Council maintains its focus on other oligarchs on the list, such as Khan and Timchenko. The regulation requires all listed oligarchs, including Khan and Timchenko, to disclose their assets within the EU and cooperate with authorities during reviews.
