Russia's Rosneft Loses EU Sanctions Appeal

The EU's top court on Tuesday upheld the bloc's economic sanctions against Russia's state-owned oil giant Rosneft and other firms for Moscow's alleged role in destabilizing Ukraine.

The Luxembourg-based European Court of Justice also asserted its right to rule on issues of EU foreign and security policy.

Rosneft challenged the sanctions imposed by the 28 EU member states on Russia in 2014 after Russia's annexation of Crimea from Ukraine. 

But the top court ruled: "The restrictive measures adopted... in response to the crisis in Ukraine against certain Russian undertakings, including Rosneft, are valid." 

"The Court of Justice has jurisdiction to give preliminary rulings on the legality of restrictive measures against individuals or entities in the context of the Common Foreign and Security policy," it added.

It also said the toughening sanctions against Russia were also proportionate to "the interference with Rosneft’s freedom to conduct a business and its right to property."

The sanctions against Rosneft, which is majority-owned by the Russian government and which accounts for 40 percent of Russia's production, ban the company from accessing long-term debt markets.