LetterOne Tycoon German Khan Loses Challenge to EU Sanctions
- Court appeals by Russians have been piling up since last year
- Numerous Russian billionaires have challenged EU sanctions
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German Khan, co-founder of investment firm LetterOne, lost a court challenge against European Union sanctions over his alleged close ties to President Vladimir Putin and influential roles in Russia.
The EU’s General Court dismissed his appeal in a ruling in Luxembourg on Wednesday. Khan is mostly known for his Luxembourg-based LetterOne, started in 2013 with partners Mikhail Fridman, Alexey Kuzmichev and Petr Aven — all of whom resigned from the board after being hit by sanctions soon after Russia’s invasion of Ukraine.