The Court of Justice of the European Union dismissed the Russian Direct Investment Fund’s application to annul EU sanctions

22 May 2024, 15 mins ago

The Russian Direct Investment Fund (RDIF), one of the Russian Federation’s sovereign wealth funds, challenged the EU’s prohibition to invest, participate or otherwise contribute to projects co-financed by the RDIF (Case T-235/22).

In its judgment of 15 May 2024 the General Court held that it has jurisdiction to rule on the application for annulment of the contested decision but dismissed the RDIF’s application. The General Court indicated that given the gravity of the situation in Ukraine, it was necessary for the EU Council to target the Russian financial sector and its sovereign wealth funds. Furthermore, the General Court said that the EU Council must be allowed broad discretion in order to attain EU foreign policy objectives, and there has been neither misuse of power nor manifest error of assessment of the facts.

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