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European UnionEUR-Lex

Khan stays listed as leading businessman despite share transfer

Khan stays on the Russia list: managing Russian assets counts as leading businessperson even after share transfer; the 2023 criterion split broadened, not narrowed, listing.

By Taxxa AI OyPublished 5 November 2026

Financial Sector & Markets

Industry: Across industries

The Court of Justice dismissed on 5 November 2026Europa Europa, in Case C-530/25 P Khan v CouncilEuropa, the appeal of German Khan against the General Court judgment that had kept him on the EU's Russia sanctions listEuropa. The Third Chamber rejected all ten grounds of appeal, confirming that the Council may list a person as a leading businessperson for continuing to manage Russia-based assets even after formally transferring his shareholdingsEuropa, and that the 2023 split of the listing criterion did not narrow its meaningEuropa.

Khan, a Russian and Israeli national, was first listed in March 2022 and maintained on the lists annexed to Decision 2014/145/CFSP and Regulation No 269/2014 by acts of March 2023, September 2023, March 2024 and September 2024. The statements of reasons said he continued to manage the Russia-based assets of ABH Financial Limited, within the Alfa Group Consortium including Alfa Bank, and LetterOne, despite having transferred his shares to his long-time business partner. The September 2024 acts additionally relied on his shareholding in Rosvodokanal, a major Russian water treatment and supply company.

The core of the ruling concerns the (g) listing criterion. Under its initial wording, measures could target leading businesspersons involved in economic sectors providing a substantial source of revenue to the Russian government; as amended by Decision 2023/1094 from 5 June 2023, the criterion covers leading businesspersons operating in Russia, their family members and beneficiaries, and separately businesspersons in revenue-providing sectors. The Court holds, following its Pumpyanskiy judgment of 26 March 2026, that leading means significant importance in the economic sector concerned, assessed by function, scale of activity, holdings or investments, irrespective of any additional links to the governmentEuropa. The two original conditions were merely disassociated into separate parts to broaden the category of listable personsEuropa; the meaning of leading did not changeEuropa, and the mutual-benefit relationship described in recital 4 of Decision 2023/1094 is context justifying the broadening, not a new constituent element requiring proof of government tiesEuropa.

Applied to Khan, the Court finds that managing a company's Russia-based assets makes one a businessperson whether or not one remains an executive or shareholderEuropa, so the formal share transfer did not break the linkEuropa. The Rosvodokanal ground independently sustains the September 2024 listing given the company's weight in the Russian water sector, which need not itself be lucrative. The remaining grounds fail on settled lines: proportionality requires only that sanctions be capable of pressuring Russia, not that they have had actual impactEuropa; the Council's periodic review obligation is met where it examines the person's observations and finds neither his factual situation nor the general situation changed; and complaints relitigating General Court fact-finding without alleging distortion are inadmissible on appeal.

For sanctions practitioners advising listed Russian businesspersons and their counterparties, the practical point is that divestment paperwork does not delist where asset management continuesEuropa, that the leading-businessperson test turns on economic weight rather than demonstrable Kremlin linksEuropa, and that proportionality challenges need to show manifest inappropriateness, not absence of measurable effect.

Its legal basis is Article 2(1)(g) of Decision 2014/145/CFSP and Article 3(1)(g) of Regulation (EU) No 269/2014, in their initial and amended versions.

If you advise a listed person who has divested shareholdings, evidence the end of asset management, not just the transfer, and frame any proportionality plea around manifest inappropriateness.

Sources