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Rosneft Considers EU Court Decision on Sanctions Illegal, Politicized

© Sputnik / Maxim Blinov / Go to the photo bankRosneft
Rosneft - Sputnik International
Russia's Rosneft energy company considers the EU sanctions, the legality of which was confirmed by the European General Court earlier on Tuesday, to be groundless and politicized, and will continue to defend interests of its shareholders from the influence of the EU restrictive measures, the company said in a statement Tuesday.

MOSCOW (Sputnik) — Earlier in the day, the European General Court in Luxembourg ruled that the sanctions adopted by the European Council against Rosneft were valid. The ruling came in response to a UK court request to provide the European Union's legal stance regarding the issue after the restrictions were appealed by the energy company in the United Kingdom.

"Rosneft considers the decision of the Court of Justice of the European Union, taken March 28, 2017 illegal, groundless and politicized … The court recognized the legitimacy of sanctions, even though the EU court did not manage to present grounds for the introduction [of sanctions] in relation to the company," the statement read.

The statement added that the court refused to admit the fact that the EU sanctions were imposed on the company as a tool of competitive struggle.

"The court failed to explain, why the restrictions caused by reunification of Crimea with Russia are related to such issues as access of oil companies to the international financial markets, offshore oil production in the Arctic region, development of hard-to-recover reserves, development of deepwater and shale oilfields," the statement said.

European Union headquarters is reflected in the windows of the EU Council building prior to an EU summit in Brussels on Tuesday, June 28, 2016. - Sputnik International
EU Sanctions on Rosneft Do Not Apply to Bank Payments - European Court
According to the statement, the politicized sanctions cause significant damage to the interests of Rosneft's shareholders, including the foreign ones, such as global oil and gas company BP.

"Almost half of shares of the Company are owned by international shareholders and politically motivated sanctions inflict significant damage on them," Rosneft added.

The EU Court practically ignored the convincing proof of the illegitimacy of sanctions that the company provided during the process, Rosneft said.

"Rosneft will continue to consistently defend the interest of its shareholders, including from the influence of illegal sanctions, using all available legal tools," the statement read.

Hearings on Rosneft's 2014 lawsuit against the European Council began in February 2016. The company indicated that the EU body failed to provide sufficient evidence for its actions, violating the right to judicial protection, by imposing sanctions against Rosneft as well as against three of its subsidiaries in July 2014.

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