The Russian oil tycoon Eugene Shvidler, a billionaire ally of oligarch Roman Abramovich, has lost his appeal against the UK sanctions he was slapped with after the invasion of Ukraine.
Mr Shvidler, who holds dual UK and US nationality and whose net worth stands at an estimated $1.6bn (£1.26bn), was sanctioned in March 2022 over his links to Mr Abramovich.
The tycoon’s private jets were also seized.
His lawyers had argued against imposing sanctions just because of his relationship to the former Chelsea owner, and asked the Court of Appeal to overturn the decision.
Rejecting the appeal today, Judge Rabinder Singh accepted that the sanctions were “severe and open-ended” but not disproportionate.
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