EU Court To Rule On Russian Sanctions Muddle

Russian state-controlled oil company Rosneft’s fight against political sanctions is heading to the European Court of Justice (CJEU) following a discrepancy in the definition of payment processing across EU states.

A judicial review challenge in the UK High Court brought against HM Treasury, the Secretary of State for Business, Innovation and Skills the Financial Conduct Authority (FCA) ended on Monday with the referral.

The EU imposed restrictive measures against Russia after its annexation of Crimea and intervention in Ukraine, with the UK implementing sanctions in November last year.

Under the rules, EU nationals must not “provide financial services or assistance” to Rosneft.

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