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The
EU slapped sanctions on Russia after it annexed Crimea from
Ukraine in 2014 and stepped them up as Moscow went on to support
a separatist rebellion in Ukraine's industrial east.
Rosneft's head, Igor Sechin, is a close ally of Russian
President Vladimir Putin.
The European Court of Justice (ECJ) said "restrictive measures
... in response to the crisis in Ukraine against certain Russian
undertakings, including Rosneft, are valid."
With the ruling, the ECJ established its jurisdiction to rule on
matters of the EU's common foreign and security policy, an area
of fierce contention between Brussels and national governments
seeking to maintain sovereignty.
A lawyer for Rosneft told reporters he was disappointed with the
outcome.
"I would also say it is a setback for judicial protection in the
EU in the area of sanctions because the court accepts (...) the
fact that a company is partially state-owned is sufficient for
it to be a target of sanctions," Lode van den Hende said.
The court said it believed encroaching on Rosneft's right to do
business was in proportion with the severity of sanctions
imposed on Russia over the Ukraine crisis.
"The Court holds that the importance of the objectives pursued
by the contested acts is such as to justify certain operators
being adversely affected," it said in its judgment.
Rosneft called the decision "illegal, baseless and politicized."
"The ruling shows that the rule of law in Europe is being
replaced by the rule of political situation," it said in a
statement.
"Rosneft continues to insist that it has not committed any
illegal actions in any jurisdictions where it conducts its
business, including Ukraine, and has nothing to do with the
Ukrainian crisis."
(Additional reporting by Vladimir Soldatkin in Moscow; Writing
by Robert-Jan Bartunek; Editing by Alissa de Carbonnel and Mark
Potter)
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