Who are the Russian oligarchs? Recent Developments in the Case Law of the European Court of Justice

This Insight examines the developments in the EU restrictive measures against Russia in the aftermath of the full-scale aggression in Ukraine, focusing on the novel "(g) criterion" designed to target Russian businesspersons (often referred to as Russian oligarchs). The analysis illustrates the recent litigation before the General Court, in which targeted individuals seek to annul their designations. It highlights that, compared to previous sanctions practice, the new criterion adopts an innovative sector-based approach, establishing a new link between businesspersons operating in certain economic sectors and vital source of revenue for the Russian government. The Insight further explores the Court's cautious stance on de-listing Russian businesspersons, emphasizing the prudent assessment of evidence and circumvention attempts. Finally, the Insight points to the broad implications of the "(g) criterion" and suggests that the Council holds considerable political discretion in exerting maximum pressure on Russia's business elite, with the ultimate objective of reducing the Kremlin's ability to finance its war.