the Supreme court of the European Union on Thursday upheld sanctions against the second largest Russian Bank VTB, rejecting the appeal of the creditor against the restrictive measures, first introduced by the bloc of European countries in 2014 in connection with events in Ukraine.
Sanctions restrict Bank access to certain financial transactions and capital markets in the EU.
the EU imposed sanctions against Russia after it annexed the black sea Peninsula of Crimea in 2014 and increased them, because Moscow continued to support rebels fighting government forces in Eastern Ukraine, a conflict which to date has killed more than 13,000 people.
the Russian Primary argument of the plaintiffs was that, in their opinion, the acts of the EU Council on the adoption of sectoral sanctions against specific Russian companies and banks devoid of substantive arguments for use of such sanctions.
Banks came under European sanctions, has also accused the EU Council in violation of their fundamental rights enshrined in the European Convention on human rights, which guarantees the right to protection of property, business and reputation.
