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

Pumpyansky, whose wealth is estimated at $2.9 billion, was initially sanctioned in March 2022. EU officials maintain that his companies, TMK, a manufacturer of steel pipes, and the investment firm Sinara, have been complicit with and profited from the Russian government.

Following the imposition of sanctions, Pumpyansky resigned from both firms and has since claimed to have severed all connections with the Kremlin.

In June 2024, the EU’s highest court sided with him, annulling the sanctions against him. However, the Council of the European Union subsequently reinstated sanctions multiple times, using modified justifications.

The recent ruling nullifies the latest sanctions renewals made in September 2024 and March 2025. It remains unclear how this decision will influence discussions on the upcoming sanctions package from the EU, which is expected next week.

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