BRUSSELS, June 12 () –
The General Court of the European Union has endorsed the sanctions against the Russian bank Vnesheconombank, VEB.RF, after noting that the punitive measures “are sufficiently motivated” as the relationship between the bank and Vladimir Putin’s policies to damage the integrity territory of Ukraine.
In a ruling this Wednesday, the European Court reiterates that the sanctions applied for the Russian invasion of Ukraine are justified by elements such as the composition of the decision-making bodies of the banking entity, which is closely linked to the Kremlin and the president himself, or a series of loans granted to regions, including Crimea once illegally annexed by Russia.
In this sense, the General Court also concludes that the EU demonstrated that the bank “participated in projects with companies in the military industry and that, in doing so, it provided support for actions that undermine or threaten territorial integrity, sovereignty and independence.” from Ukraine”.
Likewise, he sees sufficiently concrete, precise and consistent indications to consider that VEB.RF “provides material or financial support to the President of the Russian Federation.”
For all these reasons, it supports the substance of the sanctions since the EU correctly assessed that Vnesheconombank is “a relevant credit institution for the Russian financial system” and adds that it has not been proven that the property rights of the financial company have been violated. in light of the principle of proportionality.
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