In a key legal opinion highlighting the importance of evidence over political pressure, a top adviser to the EU’s highest court, Advocate General Professor Andrea Biondi, has urged judges to reject Latvia’s bid to restore sanctions on billionaires Mikhail Fridman and Petr Aven.
Fridman, an Israeli-Russian tycoon, and Aven, a Latvian-Russian banker, were sanctioned in February 2022, shortly after Russia’s full-scale invasion of Ukraine. The sanctions were based largely on their former roles at Alfa Bank, Russia’s largest private lender, and their perceived “proximity to the Kremlin.” Both deny any political involvement.
In April 2024, the EU General Court annulled the listings, citing a lack of substantiated links to the Kremlin’s war effort or evidence of material or financial support for policies undermining Ukraine’s sovereignty.
Latvia, backed by Estonia and Lithuania, appealed the decision, arguing that the geopolitical context justified the listings. Biondi disagreed: political context cannot replace evidence.
“The context may inform, but cannot replace proof”, wrote Biondi. He warned that relying on past business ties or political assumptions risked turning sanctions into a form of “collective punishment”.
The Advocate General’s opinion is nonbinding, but the court often follows such guidance. A final decision is expected in the coming months.
Legal Debate Over EU Sanctions Procedures
The case has reignited a debate across Europe over how the EU applies and justifies sanctions, particularly in light of the Charter of Fundamental Rights of the European Union, which protects the rights to property, the presumption of innocence, and access to judicial remedies.
Writing in The Brussels Times, Athanasios Papandropoulos, former president of the Association of European Journalists, said that poorly substantiated sanctions risk undermining public trust in the EU’s legal order.
“The politicisation of sanctions and asset control doesn’t just leave it open to defeats in court  – it risks weakening trust in the EU’s judicial system”, he warned.
Fridman files investment treaty claim against Luxembourg
Parallel to this case, Fridman has initiated a €14 billion investment arbitration claim against the government of Luxembourg, alleging that the state unlawfully froze assets belonging to Luxembourg-based LetterOne, the investment group he co-founded in 2013.
The claim is brought under the 1989 Belgium-Luxembourg–USSR bilateral investment treaty, which remains in force and offers protection against expropriation and unfair treatment. Fridman’s legal team argues that the asset freeze constitutes indirect expropriation and breaches fair and equitable treatment standards.
LetterOne has made multi-billion-euro investments across Europe in sectors including retail, healthcare and energy. After being sanctioned, both Fridman and Aven resigned from the LetterOne board.
In 2024, Fridman and Aven exited Alfa Bank, selling their remaining shares to longtime associate Andrei Kosogov for over €2 billion, significantly reducing their exposure to Russia.
