The European Union’s Advocate General Andrea Biondi has urged the bloc’s top court to reject an appeal by Latvia and uphold a previous annulment of sanctions against Russian businessmen Mikhail Fridman and Petr Aven, emphasizing the need for concrete evidence over presumptions in foreign policy decisions. 

In a legal opinion issued recently, Biondi advised the Court of Justice of the European Union to affirm the 2024 General Court ruling that annulled the 2022 asset freezes imposed on the two businessmen. He argued that the EU Council had failed to provide “concrete, precise, and consistent” evidence that Fridman or Aven materially supported the Kremlin or benefited from its actions. 

The case stems from the General Court’s April 2024 decision to annul the pair’s inclusion on the sanctions list in 2022. Latvia, supported by Estonia and Lithuania, appealed the ruling, claiming that Fridman and Aven’s former leadership roles at Alfa Bank, Russia’s largest private lender, and their alleged “general proximity to Russian political power” justified their continued designation.

Biondi dismissed that line of argument, warning against “presumptive listings” based on past business affiliations or broad geopolitical context. “Context may inform, but cannot replace, proof”, he wrote in his 50-page opinion, cautioning that lowering evidentiary standards could transform sanctions into a form of “collective punishment” and erode individual rights protected under EU law. 

While Biondi’s opinion is not legally binding, the Court of Justice follows such recommendations in the majority of cases. A final decision is expected in the coming months. 

“His opinion serves as a reminder that politics and law are different games. Even amid geopolitical confrontation, decisions must be supported by indisputable facts, not assumptions or political goals. Regardless of how inconvenient, the principle of “rule of law over politics” must remain a symbol of institutional maturity”, wrote policy analyst and former president of the Association of European Journalists Athanasios Papandropoulos in his op-ed for The Brussels Times.  

Sanctions Still in Place 

Even if the Court upholds the annulment, the ruling would not immediately lift sanctions on the two men. Both remain subject to EU restrictive measures imposed under later listings, which are being contested separately. Their assets in the EU remain frozen and travel bans continue to apply. 

The case is being closely monitored across EU capitals amid growing legal scrutiny of sanctions imposed in response to Russia’s full-scale invasion of Ukraine. Since 2022, the EU has sanctioned more than 2,400 individuals and entities. 

Shift Toward Western Assets 

Following the $14 billion sale of their stake in the Russian oil venture TNK-BP in 2013, Fridman and Aven, along with their partners, shifted focus to international investments through Luxembourg-based LetterOne Holding. The group acquired significant stakes in European energy, telecoms, and retail sectors, including Wintershall Dea, Holland & Barrett and Spain’s DIA. 

In 2024, the pair sold their remaining stakes in Alfa Bank to longtime associate Andrei Kosogov in a deal reportedly valued at over €2 billion—significantly reducing their exposure to Russian assets.