EU General Court rejects sanctions challenge by Russian Direct Investment Fund

15 May 2024

The Russian Direct Investment Fund, a Russia sovereign wealth fund, challenged the prohibition on investing in projects financed by it in the EU’s Russia sanctions.

The General Court held that the RDIF did have standing to bring the challenge because it is named in the measures, but rejected its annulment application.  The Court said the EU has a broad discretion to decide on foreign policy measures including Russia sanctions, and it was not manifestly inappropriate for the Council to have adopted measures restricting direct investment in the Russian financial sector, irrespective of the role of the Russian Direct Investment Fund