Russian oil giant filed a lawsuit in London against sanctions imposed on them. However, British judges referred the case to the European Courts of Justice in Luxembourg to clarify the EU position on the matter.
Rosneft claims that the European Council failed to provide substantial evidence to impose the sanctions in July, 2014.
The hearings are of high interest to a number of Russian corporations who also filed lawsuits against the European Council or was blacklisted by the EU. Oil, Industrial and Banking sector companies that may be potentially affected by the European Court’s decision include Sberbank, VTB, Gazprombank, Rosselkhozbank, VEB, Rosneft, Gazprom Neft, Transneft, Oboronprom, OAK and Uralvagonzavod.