EU Court Overturns Sanctions Against Billionaire Dmitry Pumpyansky, Citing Lack of Kremlin Ties

On Wednesday, the General Court of the European Union overturned the sanctions imposed on Russian billionaire and former steel pipe tycoon Dmitry Pumpyansky.

With an estimated net worth of $2.9 billion, Pumpyansky was initially sanctioned in March 2022. EU officials contend that his enterprises, particularly TMK, a steel pipe manufacturing company, and the investment firm Sinara, have benefitted from and supported the Russian government.

Following the sanctions, Pumpyansky quickly resigned from both ventures. He has since maintained that he no longer has any connections to the Kremlin.

In June 2024, the EU’s highest court concurred with this stance, annulling his sanctions designation. However, the European Union’s Council has reinstated sanctions multiple times since then, providing new justifications each time.

Wednesday’s ruling nullifies the latest sanctions renewals enacted in September 2024 and March 2025. It remains uncertain whether this decision will influence discussions regarding the upcoming sanctions package from the bloc, expected next week.

Pumpyansky continues to face sanctions from the United States, the United Kingdom, and other Western nations.