Russian oligarch Pumpyansky wins appeal against EU sanctions.

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Russian oligarch and business tycoon Dmitry Pumpyansky has successfully appealed against sanctions imposed by the European Union, according to a decision by the EU General Court published on June 26. The court in Luxembourg ordered the EU Council to remove both Dmitry Pumpyansky and his wife, Galina Pumpyanskaya, from the sanctions list, which had been implemented in response to Russia's invasion of Ukraine. Additionally, the council was instructed to cover its own costs and pay Pumpyansky's legal expenses.

Sanctions were initially imposed on Pumpyansky, the former head of Sinara and TMK, in March 2022. Both companies were accused of supporting Russia's war efforts. TMK is a key supplier of manufactured steel to Russian energy giant Gazprom, while Sinara is a prominent Russian investment bank, both allegedly linked to Russia's aggression against Ukraine.

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EU authorities said that Pumpyansky benefited from cooperation with Russian authorities and state-owned enterprises, providing "substantial income to the Russian government, which is responsible for the annexation of Crimea and the destabilization of Ukraine."

Galina Pumpyanskaya was also sanctioned due to her role as head of the charity foundation owned by Sinara. Following the imposition of sanctions, Pumpyansky resigned from the boards of Sinara and TMK. He initially challenged the sanctions in court, but his lawsuit was rejected in September 2023, with the court noting his continued involvement in sectors critical to the Kremlin.

The sanctions also extended to his son, Alexander Pumpyansky, in 2022. However, Alexander successfully appealed against the sanctions in November 2023. This latest ruling marks a significant legal victory for the Pumpyansky family amid ongoing geopolitical tensions and economic sanctions stemming from the conflict in Ukraine.

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If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide.

The good news is that there is a massive pot of non-Western money already available: the £300