The EU's General Court on Wednesday (Mar 20) handed a win to Russian former F1 driver Nikita Mazepin, overturning EU sanctions imposed against him as part of the bloc's response to Russia's war in Ukraine.

The EU's General Court on Wednesday (Mar 20) handed a win to Russian former F1 driver Nikita Mazepin, overturning EU sanctions imposed against him as part of the bloc's response to Russia's war in Ukraine. The European Union said it had added Mazepin, 25, to its sanctions list due to his association with his father, Dmitry, an influential businessman who it said was the main sponsor of his son's activities as a racing driver. The European Union had described Dmitry Mazepin as "a member of the closest circle" of Russian President Vladimir Putin. But in Wednesday's ruling, the court said Mazepin had stopped being a driver for the Haas F1 racing team, meaning the EU was wrong to keep the athlete on its sanctions list after he quit the team. The court said the "association" criterion used in the EU sanctions regime requires the existence of a link going beyond a simple family relationship which it said wasn't the case after Mazepin stopped F1 racing. "I am hugely encouraged by today's ruling and grateful to the European Court for a fair trial of my case," Mazepin said in a statement e-mailed by one of his aides. "This is certainly a crucial milestone." Mazepin has also challenged EU and Canadian sanctions as part of his attempt to return to F1. Also read | Formula 1: Ferrari's Carlos Sainz likely to race in Australia after return from appendicitis surgery He currently competes in the Asian Le Mans series, a lesser-known racing league staging competitions in the United Arab Emirates and Malaysia. His aide did not immediately reply when asked by Reuters if Mazepin still planned to return to F1. Last month, diplomatic sources told Reuters the EU was preparing to lift sanctions on Mazepin, saying Hungary had been lobbying on the driver's behalf.

Former F1 driver Nikita Mazepin removed from EU sanctions list

Dmitry Rybolovlev, the 180th richest person globally, with an estimated fortune of $11.4 billion,&nbsp;is set to accuse Sotheby's of aiding art dealer Yves Bouvier in a scheme that allegedly misled him into overpaying for artworks, including the renowned Salvator Mundi by Leonardo da Vinci.

Rybolovlev, known for his wealth in potash fertiliser and ownership of AS Monaco, is suing Sotheby's in New York, claiming the auction house inflated the estimated values of artworks, including pieces by Gustav Klimt, Amedeo Modigliani, and René Magritte.

The legal battle stems from Rybolovlev's discovery that art broker Yves Bouvier, who assisted in acquiring the artworks, allegedly deceived him by purchasing the works at a lower price and charging him a significantly higher amount, leading to claims of fraudulent practices.

<a href="https://www.wionews.com/business-economy/investors-sue-sothebys-justin-bieber-hilton-among-others-as-nft-prices-crash-626542">Also read |&nbsp;Investors sue Sotheby's, Justin Bieber, Hilton among others as NFT prices crash</a>

<h2>Legal saga spans multiple jurisdictions</h2>

Rybolovlev initiated legal action against Bouvier in various countries, accusing the art adviser of misleading him over the value of 38 artworks.&nbsp;Last month, Rybolovlev and Bouvier settled the claims out of court, leaving Sotheby's in the spotlight.

The case, scheduled in Manhattan federal court, alleges that Sotheby's "aided and abetted Bouvier in committing fraud and breaching his fiduciary duties." Sotheby's denies the accusations, asserting adherence to legal requirements and industry best practices.

US district court judge Jesse Furman ruled that Sotheby's must face fraud-related claims on the sales of four works: Salvator Mundi, Tête, Wasserschlangen II, and Le Domaine d’Arnheim, paving the way for a trial beginning this week.

Also watch |&nbsp;Sotheby's to auction rare Baghdadi astrolabe

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Sotheby's spokesperson has denied&nbsp;any knowledge of alleged misconduct, insisting on adherence to legal requirements and financial obligations during the artwork transactions, according to The Guardian.

Rybolovlev sold Salvator Mundi for $450m in 2017, making it the most expensive painting ever sold. The painting, now owned by Mohammed bin Salman, has faced authenticity concerns, delaying its planned showcase in a Louvre gallery in Abu Dhabi.

(With inputs from agencies)

Dmitry Rybolovlev, the 180th richest person globally, with an estimated fortune of $11.4 billion, is set to accuse Sotheby's of aiding art dealer Yves Bouvier in a scheme that allegedly misled him into overpaying for artworks, including the renowned Salvator Mundi by Leonardo da Vinci.

Dmitry Rybolovlev, the 180th richest person globally, with an estimated fortune of $11.4 billion, is set to accuse Sotheby's of aiding art dealer Yves Bouvier in a scheme that allegedly misled him into overpaying for artworks, including the renowned Salvator Mundi by Leonardo da Vinci. Rybolovlev, known for his wealth in potash fertiliser and ownership of AS Monaco, is suing Sotheby's in New York, claiming the auction house inflated the estimated values of artworks, including pieces by Gustav Klimt, Amedeo Modigliani, and René Magritte. The legal battle stems from Rybolovlev's discovery that art broker Yves Bouvier, who assisted in acquiring the artworks, allegedly deceived him by purchasing the works at a lower price and charging him a significantly higher amount, leading to claims of fraudulent practices. Also read | Investors sue Sotheby's, Justin Bieber, Hilton among others as NFT prices crash Legal saga spans multiple jurisdictions Rybolovlev initiated legal action against Bouvier in various countries, accusing the art adviser of misleading him over the value of 38 artworks. Last month, Rybolovlev and Bouvier settled the claims out of court, leaving Sotheby's in the spotlight. The case, scheduled in Manhattan federal court, alleges that Sotheby's "aided and abetted Bouvier in committing fraud and breaching his fiduciary duties." Sotheby's denies the accusations, asserting adherence to legal requirements and industry best practices. US district court judge Jesse Furman ruled that Sotheby's must face fraud-related claims on the sales of four works: Salvator Mundi, Tête, Wasserschlangen II, and Le Domaine d’Arnheim, paving the way for a trial beginning this week. Also watch | Sotheby's to auction rare Baghdadi astrolabe Sotheby's spokesperson has denied any knowledge of alleged misconduct, insisting on adherence to legal requirements and financial obligations during the artwork transactions, according to The Guardian. Rybolovlev sold Salvator Mundi for $450m in 2017, making it the most expensive painting ever sold. The painting, now owned by Mohammed bin Salman, has faced authenticity concerns, delaying its planned showcase in a Louvre gallery in Abu Dhabi. (With inputs from agencies)

Russian billionaire accuses Sotheby’s of art fraud collusion in high-stakes legal battle

The United States is setting its sights on a $300 million superyacht, alleging it's controlled by a Russian billionaire Oligarch under US Sanctions. The yacht was seized in fiji, and now authorities are looking to bring it to San Diego, setting the stage for a complex legal battle.

US targets Russian Oligarch's $300 million superyacht

Russian billionaire banker Oleg Tinkov has renounced his citizenship due to the Russian invasion of Ukraine.

Calling President Vladimir Putin a “fascist”, Tinkov in an Instagram post said, “I have taken the decision to exit my Russian citizenship. I can’t and won’t be associated with a fascist country that started a war with their peaceful neighbour and killing innocent people daily.”

“I hope more prominent Russian businessmen will follow me, so it weakens Putin’s regime and his economy, and put him eventually to defeat.”

The post was later found to be removed from Instagram.

An independent Russian news source, Sota Vision, tweeted a photo of Tinkov's certificate showing his Russian citizenship terminated.

The 54-year-old Russian oligarch has been critical of Putin, describing it as an “insane war” and urging&nbsp;the West to “end the massacre”.

"The Kremlin bureaucrats are shocked that not just they, but also their children now won't travel to the Mediterranean in summer. Businessmen are trying to save the remains of their property," he said in April.

Watch |&nbsp;Gravitas: Gas wars: Is Putin losing the battle?

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Tinkov is one of Russia’s self-made business tycoons. He is the founder of Tinkoff Bank, which is one of Russia’s largest lenders, and offers services to 20 million customers.

The businessman was earlier arrested in 2020 in London on charges of tax evasion in the US. He was later given bail due to his leukaemia condition.

In the same year, he stepped down from the role of CEO of Tinkoff.

Notably, he is not the only Russian entrepreneur to give up his citizenship.

Also read |&nbsp;<a href="https://www.wionews.com/world/missile-attack-on-ukraine-was-in-response-to-drone-attack-on-russian-fleet-putin-530079" hreflang="en">Missile strikes on Ukraine in response to drone attack on Russian fleet: Putin</a>

According to media reports, another Russian banker Nikolay Storonsky gave up his nationality.

Also read |&nbsp;<a href="https://www.wionews.com/world/russias-black-sea-fleet-was-damaged-by-ukrainian-drone-attacks-in-crimea-report-529799">Russia’s Black Sea Fleet was damaged by Ukrainian drone attacks in Crimea: Report</a>

In a blog post earlier this year, Storonsky strongly condemned the Russia-Ukraine war, revealing his Ukrainian family connections.

He has British citizenship and founded the British fintech start-up Revolut.

(With inputs from agencies)

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Russian billionaire banker Oleg Tinkov has renounced his citizenship due to the Russian invasion of Ukraine. Calling President Vladimir Putin a “fascist”, Tinkov in an Instagram post said, “I have taken the decision to exit my Russian citizenship.

Russian billionaire banker Oleg Tinkov has renounced his citizenship due to the Russian invasion of Ukraine. Calling President Vladimir Putin a “fascist”, Tinkov in an Instagram post said, “I have taken the decision to exit my Russian citizenship. I can’t and won’t be associated with a fascist country that started a war with their peaceful neighbour and killing innocent people daily.” “I hope more prominent Russian businessmen will follow me, so it weakens Putin’s regime and his economy, and put him eventually to defeat.” The post was later found to be removed from Instagram. An independent Russian news source, Sota Vision, tweeted a photo of Tinkov's certificate showing his Russian citizenship terminated. The 54-year-old Russian oligarch has been critical of Putin, describing it as an “insane war” and urging the West to “end the massacre”. "The Kremlin bureaucrats are shocked that not just they, but also their children now won't travel to the Mediterranean in summer. Businessmen are trying to save the remains of their property," he said in April. Watch | Gravitas: Gas wars: Is Putin losing the battle? Tinkov is one of Russia’s self-made business tycoons. He is the founder of Tinkoff Bank, which is one of Russia’s largest lenders, and offers services to 20 million customers. The businessman was earlier arrested in 2020 in London on charges of tax evasion in the US. He was later given bail due to his leukaemia condition. In the same year, he stepped down from the role of CEO of Tinkoff. Notably, he is not the only Russian entrepreneur to give up his citizenship. Also read | Missile strikes on Ukraine in response to drone attack on Russian fleet: Putin According to media reports, another Russian banker Nikolay Storonsky gave up his nationality. Also read | Russia’s Black Sea Fleet was damaged by Ukrainian drone attacks in Crimea: Report In a blog post earlier this year, Storonsky strongly condemned the Russia-Ukraine war, revealing his Ukrainian family connections. He has British citizenship and founded the British fintech start-up Revolut. (With inputs from agencies) WATCH WION LIVE HERE:

Russian tycoon renounces citizenship citing Ukrainian war, calls Putin ‘fascist’

A couple of weeks after Hong Kong refused to sanction a superyacht belonging to Russian oligarch Alexei Mordashov, South Africa has toed a similar line. Reportedly, the country will allow billionaire Mordashov to dock his yacht, named 'The Nord' in Cape Town.

A couple of weeks after Hong Kong refused to sanction a superyacht belonging to Russian oligarch Alexei Mordashov, South Africa has toed a similar line. Reportedly, the country will allow billionaire Mordashov to dock his yacht, named 'The Nord' in Cape Town. "South Africa has no legal obligation to abide by sanctions imposed by the US and EU," said Vincent Magwenya, spokesman for President Cyril Ramaphosa. Magwenya added that Mordashov was not under any UN-sponsored sanctions and thus South Africa wasn't required to impose any restrictions on him. "South Africa's obligations with respect to sanctions relate only to those that are specifically adopted by the United Nations." Read more: Weekend Special: Who is a Russian oligarch? Here's what you need to know The decision by the South African government came against the backdrop of opposition party leaders requesting the administration to seize the 465-foot long yacht. Cape Town Mayor Geordin Hill-Lewis wrote a letter to International Relations and Cooperation Minister Naledi Pandor and called to block the Russian businessman. WATCH | WION Fineprint |Russian oligarch Abramovich moves entire yacht fleet to Turkiye × "The international community has recognised Russia's invasion of Ukraine and its annexation of four areas of Ukrainian territory by force as illegal," said Hill-Lewis. "Clear evidence exists for war crimes and crimes against humanity having been committed by the Russian state against the Ukrainian people, including deliberate attacks against civilian targets, massacres of civilians, torture, and the rape of women and children," he added. As reported by WION, earlier this month, similar calls were raised in Hong Kong when Mordashov decided to dock his yacht in the city. At the time, Hong Kong leader John Lee said the city has "no legal basis" to act on Western sanctions. Read more: On Russian superyacht linked to Putin ally, Hong Kong leader says 'no legal basis' to act on the vessel He added that Hong Kong instead would only abide by UN sanctions. "We will comply with United Nations sanctions, that is our system, that is our rule of law," he said. Mordashov is a Russian billionaire, who is among a number of Russian oligarchs sanctioned by the European Union and the United States. But he was not United Nations. (With inputs from agencies) WATCH WION LIVE HERE:

South Africa refuses to act on Russian oligarch's sanctioned superyacht

Germany confiscates Russian Oligarch Alisher Usmanov's superyacht worth $600 million as a part of the trenches of sanctions against Russia by the West

Germany seizes Russian Oligarch's superyacht worth $600 million

Spain seizes Viktor Vekselberg's superyacht on behalf of the US authorities making it the first time the US has seized property of a Russian oligarch.

Spain seizes Russian oligarch Viktor Vekselberg's superyacht for US