A European Union court on Wednesday turned down a legal challenge by Russian billionaire Roman Abramovich against sanctions imposed on him in the wake of Russia's invasion of Ukraine.

The EU sanctioned several officials and Russian businessmen after Russian troops invaded Ukraine in February 2022, including the former owner of Premier League club Chelsea. Abramovich's net worth is estimated to be over $9 billion (approximately €8.22 billion), as per Forbes.

What do we know about the court's latest ruling?

The court also dismissed Abramovich's claims for compensation. It noted the Russian billionaire's role in the Russian steel company Evraz. Steel is a major source of revenue for the government of Russian President Vladimir Putin.

The sanctions involve the freezing of Abramovich's funds in the EU, as well as his ban from traveling within the bloc or through it. The billionaire alleged in his appeal  "a manifest error of assessment" in the reasoning, and an "infringement of the principle of proportionality" and of his fundamental rights.

"The Council did not in fact err in its assessment by deciding to include then maintain Mr Abramovich's name on the lists at issue, in the light of his role in the Evraz group and, in particular, its parent company," the court said, referring to the sanctions lists.

Wednesday's court ruling can be appealed before the European Court of Justice, the EU's highest court.

How did Abramovich react?

Reacting to the verdict, Abramovich expressed disappointment on Wednesday, maintaining his rejection of the sanctions.

"Mr Abramovich does not have the ability to influence the decision making of any government, including Russia, and has in no way benefitted from the war," read a statement issued on the billionaire's behalf.

Despite his disappointment, Abramovich also praised the court. 

"Although we are disappointed with today's ruling, we welcome that the court did not take up several arguments presented by the EU Council and did not include them as a basis for maintaining sanctions," the statement read.

rmt/fb (dpa, Reuters)