• A European Union court on Wednesday upheld sanctions imposed on Russian billionaire Roman Abramovich following a legal challenge.
• The U.K. also imposed sanctions and restrictions on Russian ownership of assets.
• This led to Abramovich selling top soccer club Chelsea after 19 years of ownership, with the proceeds frozen in a U.K. bank account.

Roman Abramovich denied benefiting from the war in Ukraine after a European Union court on Wednesday upheld sanctions imposed on the Russian billionaire.

In its ruling on a legal challenge to the sanctions, the EU's General Court said Abramovich was the majority shareholder in Evraz, a major steel and mining group that provides a "substantial source of revenue" to the Russian government.

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," his representatives said in a statement provided to Reuters, in response to the ruling.

"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 also said.

Abramovich was targeted by the EU in March 2022 as it imposed sweeping sanctions on Russian officials and business people, along with products and commodities, after Moscow's invasion of Ukraine.

The U.K. also imposed sanctions and restrictions on Russian ownership of assets. This led to Abramovich selling top soccer club Chelsea after 19 years of ownership, with the proceeds frozen in a U.K. bank account.

He had challenged the inclusion and maintenance of his name on an EU list of persons and entities subject to sanctions due to their engagement in "activities in economic sectors providing a substantial source of revenue to the Russian Government."

He also sought compensation over harm to his reputation estimated at 1 million euros ($1.095 million).

The court said Wednesday that it was correct to include and maintain his name on the list, and that this does not constitute an "unjustified and disproportionate infringement of his fundamental rights."

It added that his status as a Portuguese, and therefore EU national, allowed him to move freely around the bloc.