Judges just unsanctioned 2 Russian oligarchs worth almost $20 billion

• A top EU court struck down sanctions against two billionaire Russian oligarchs on Wednesday.
• Judges found there was insufficient evidence that they had backed Vladimir Putin's war in Ukraine.
• The oligarchs, Mikhail Fridman and Petr Aven, are worth almost $20 billion combined, per Bloomberg.

Judges in Brussels struck down sanctions against two Russian billionaires on Wednesday, potentially handing Moscow a big win as the war in Ukraine rages on.

The General Court of the European Union removed Mikhail Fridman and Petr Aven from the trading bloc's sanctions list after finding there was insufficient evidence showing they'd supported Vladimir Putin's February 2022 invasion.

Fridman and Aven are major shareholders in the Russian investment firm Alfa Group and are worth $13.4 billion and $6.4 billion respectively, according to the Bloomberg Billionaires Index.

The EU imposed sanctions on both men in February 2022, citing Fridman's closeness to Putin's "inner circle" and Aven's role as "one of approximately 50 wealthy Russian businessmen who regularly meet with Vladimir Putin in the Kremlin."

In a press release, the court acknowledged there was "a degree of proximity between Petr Aven and Mikhail Fridman and Vladimir Putin or his entourage."

However, it found the EU had failed to show that the two oligarchs "have supported actions or policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, or that they have provided material or financial support to the Russian decision-makers responsible for the annexation of Crimea or the destabilization of Ukraine, or that they have benefited from those decision-makers."

The decision could set a precedent for future appeals, potentially undermining the EU's efforts to sanction wealthy Russians perceived to be supportive of the war in Ukraine.

Business Insider was unable to reach the two billionaires' lawyers for comment. They said in a statement to Politico that the rulings showed the EU's allegations had been "completely baseless."

"Sanctioning them was a counterproductive mistake. They have nothing to do on the EU's list nor any other list. We hope that today's strong signal will be heard in the EU and outside," the lawyers added.