The European Union’s General Court on Wednesday annulled sanctions against Russian billionaire and former steel pipe magnate Dmitry Pumpyansky.
Pumpyansky, whose fortune is estimated at $2.9 billion, was first sanctioned in March 2022. EU officials argue that his companies, the steel pipe manufacturer TMK and the investment firm Sinara, supported and profited from the Russian state.
The billionaire stepped down from both companies soon after being sanctioned. He has since argued that he no longer has any ties to the Kremlin.
In June 2024, the EU’s top court agreed, annulling his sanctions listing. But the Council of the European Union has reimposed sanctions several times since then under revised justifications.
Wednesday’s decision invalidates the most recent renewals, adopted in September 2024 and March 2025. It was not immediately clear whether the ruling would affect deliberations on the bloc’s next sanctions package, due next week.
Pumpyansky remains under sanctions in the United States, Britain and several other Western countries.
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