EU declined to acknowledge the court ruling that withdrew sanctions from Dmitry Pumpyansky
In May 2022, the European Council imposed sanctions against Dmitry Pumpyansky, a prominent Russian businessman, as part of a broader response to geopolitical events. Pumpyansky, who was the chairman of the board of directors of Transmashholding (TMC) and the owner and president of the diversified Sinara Group, was added to the sanctions list.
Despite the sanctions, Pumpyansky maintained that he did not provide significant support to the Russian authorities and did not benefit from his ties with them. He managed to prove this when the sanctions were extended, leading to a reprieve.
In the following months, Pumpyansky stepped down as a beneficiary of TMC and the Sinara Group. His yacht was arrested in the Strait of Gibraltar in 2025, and it was eventually sold at auction for $37.5 million a few months later.
The European Council, however, continued to believe that Pumpyansky still controlled TMC and the Sinara Group. Consequently, they extended personal sanctions against Pumpyansky until March 15, 2026, a decision that was upheld despite a ruling by the European Court in Luxembourg to lift the sanctions on September 10, 2025.
Pumpyansky and his wife challenged these sanctions in court, as did other Russian billionaires. Despite the legal challenges, the EU Council appointed Vladimir Tikhonov as the new chairman of the boards of directors of TMC and the diversified Sinara Group, replacing Pumpyansky.
In a notable development, Pumpyansky announced at the St. Petersburg International Economic Forum that the high-speed train for the HSR project would be 85-90% Russian.
Over the two years preceding May 2025, Pumpyansky's fortune significantly increased. It is important to note that Alexander and Dmitry Pumpyansky jointly manage significant assets through their ultimate beneficial owner, Fudberg Holding Limited.
The saga of Dmitry Pumpyansky's sanctions and their subsequent challenges serves as an example of the complexities and prolonged nature of such measures in the current geopolitical climate.
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