FX.co ★ Russia’s blacklisted Rosneft to sue EC for sanctions

Igor Sechin, Rosneft CEO, has requested the Russian government to offset the impact of western sanctions against the state-owned company. Mr Sechin’s appeal includes a proposal to provide support at the expense of Russia’s tax payers as well as from the national welfare fund backing the country’s pension system. Meanwhile, Rosneft is devising a legal strategy to fight western sanctions in European courts. The EU and U.S. sanctions ban long-term debt funding to Rosneft, along with the export of certain technologies to Russia, including those used for nonconventional oil drilling. The measures already are impeding some of the company’s deals and schedules. In addition, the sanctions have also targeted personally Igor Sechin, the powerful Rosneft chief executive. So, the heavily indebted oil giant is facing the toughest east-west sanctions since the end of the Cold War. Here are some facts how blacklisted Russian tycoons are acting on the losing streak. Igor Sechin and Arkady Rotenberg have filed lawsuits in the European Court of Justice against the European Council challenging its decision over sanctions dated July 31. Rosneft submitted the claim on October 9, and Rotenberg the next day, October 10. The entrepreneur appealed against the EC decision on freezing his assets in Europe and imposing a visa ban. For the reference, in September Italy’s law enforcement authorities froze his assets and sealed off several real estate items in his property.