Case T-494/22: Judgment of the General Court of 11 September 2024 – NSD v Council (Common foreign and security policy – Restrictive measures adopted in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine – Freezing of funds – List of persons, entities and bodies subject to the freezing of funds and economic resources – Inclusion and maintenance of the applicant’s name on the list – Obligation to state reasons – Error of assessment – Definition of supporting, materially or financially, the Government of the Russian Federation – Freedom to conduct a business – Right to property – Proportionality)
Date: 2024-09-11
Institutions: General Court
Subjects: EU restrictive measure, Russia, Russo-Ukrainian issue, Ukraine, economic sanctions, freezing of assets, international sanctions, legal person, ownership, principle of proportionality








C_202406251EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/6251


28.10.2024






Judgment of the General Court of 11 September 2024 – NSD v Council


(Case T-494/22)
                (1)

(Common foreign and security policy - Restrictive measures adopted in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine - Freezing of funds - List of persons, entities and bodies subject to the freezing of funds and economic resources - Inclusion and maintenance of the applicant’s name on the list - Obligation to state reasons - Error of assessment - Definition of ‘supporting, materially or financially, the Government of the Russian Federation’ - Freedom to conduct a business - Right to property - Proportionality)
(C/2024/6251)
Language of the case: English

Parties


Applicant: NKO AO National Settlement Depository (NSD) (Moscow, Russia) (represented by: N. Tuominen, M. Krestiyanova, J.-P. Fierens and C. Gieskes, lawyers)

Defendant: Council of the European Union (represented by: M. Bishop, acting as Agent, and by B. Maingain, lawyer)

Intervener in support of the defendant: European Commission (represented by: J.-F. Brakeland, G. von Rintelen, L. Mantl and M. Carpus Carcea, acting as Agents)

Re:

By its action under Article 263 TFEU, the applicant seeks annulment of (i) Council Decision (CFSP) 2022/883 of 3 June 2022 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2022 L 153, p. 92), and of Council Implementing Regulation (EU) 2022/878 of 3 June 2022 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2022 L 153, p. 15); (ii) Council Decision (CFSP) 2023/572 of 13 March 2023 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2023 L 75I, p. 134), and of Council Implementing Regulation (EU) 2023/571 of 13 March 2023 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2023 L 75I, p. 1); and (iii) Council Decision (CFSP) 2023/1767 of 13 September 2023 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2023 L 226, p. 104), and of Council Implementing Regulation (EU) 2023/1765 of 13 September 2023 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2023 L 226, p. 3), in so far as all of those acts include and maintain the applicant’s name on the lists annexed to those acts.

Operative part of the judgment

The Court:






1.


Dismisses the action;










2.


Orders NKO AO National Settlement Depository (NSD) to bear its own costs and to pay those incurred by the Council of the European Union;










3.


Orders the European Commission to bear its own costs.






(1)  
            OJ C 368, 26.9.2022.


ELI: http://data.europa.eu/eli/C/2024/6251/oj
ISSN 1977-091X (electronic edition)