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Ukraine’s sanctions against a former top executive of a French international financial group have been cancelled
The Ukrainian court supported the position of VB Partners and cancelled personal sanctions against our Client, a French citizen and former executive of one of the largest international financial groups.
In February 2023, the President of Ukraine imposed sanctions on the Client. The reason: the Client’s membership in the management body of a Russian bank at the time of the sanctions.
The court agreed that the sanctions were imposed in error. The restrictive measures were imposed on the basis of irrelevant and unverified information. The court accepted the evidence that there was no connection between the Client and the aggressor bank.
Why is it important?
- The erroneous application of sanctions in Ukraine is not an isolated case, as sanctions lists are drawn up in the context of the crisis and Russia’s full-scale war.
- There is no effective procedure for lifting sanctions in Ukraine. The President and the initiator of the sanctions, even if they recognise that they are wrong, do not lift them on their own.
- Court proceedings in such cases last for years, and there are few positive decisions.
- A proper legal procedure for reviewing sanctions does not weaken the sanctions policy, but, on the contrary, helps to strengthen it, increasing its validity and effectiveness.
VB Partners’ team is among the few who successfully challenge sanctions. In the 10-year history of the sanctions institution in Ukraine, we have once again succeeded in satisfying a claim for a client.