Former Russian petrochem chief loses sanctions appeal in Swiss court
Switzerland’s Federal Administrative Court rejected an appeal by Dmitry Konov to remove his name from Swiss sanctions lists, ruling the former chairman of Russian petrochemical giant Sibur Holding remains a leading businessperson in sectors providing substantial revenue to the Russian government.
The court ruled on 1 September, in a judgment published 6 October, that Konov’s designation on Switzerland’s sanctions list related to the Ukraine conflict was lawful when first imposed in March 2022 and remains justified despite his subsequent resignation from corporate positions.
Konov, 55, had argued his Swiss designation and subsequent relistings were unlawful because he resigned from Sibur Holding and diamond producer Alrosa in 2022, was no longer an influential businessman in Russia, and did not have a close relationship with the Russian government.
The Federal Administrative Court rejected both arguments, finding Konov was an influential businessman when first sanctioned in March 2022 because he served as chairman of Sibur’s management board, was a member of its board of directors and shareholders’ assembly, and held similar positions at state-controlled Alrosa. The court noted Sibur’s major shareholders include Leonid Mikhelson and Gennady Timchenko, businesspeople the court described as close to Russian President Vladimir Putin and themselves subject to sanctions.
The court also cited Konov’s attendance at a 24 February 2022 Kremlin meeting with Putin and other leading businesspeople on the day Russia invaded Ukraine, where Putin discussed expected consequences of the conflict. The court said being invited to this meeting demonstrated Konov belonged to an inner circle of influential businesspeople close to Putin.
Regarding Konov’s continued designation despite his claimed resignations, the court found he had remained involved in sectors linked to the Russian government through several channels.
After resigning from Sibur in March 2022 — the same day Switzerland adopted sanctions against him — Konov continued to personally invest in Sibur’s ‘Formula for Good Deeds’ charity programme. Media reports from 2023 and 2024 documented Konov’s financial participation in the programme, which grouped together charitable and partially sponsored projects of Sibur.
The court found Konov failed to provide convincing evidence he had resigned from Alrosa’s supervisory board and strategic planning committee in April 2022 as he claimed. Attestations from Alrosa’s corporate secretary produced nine months and 18 months after the alleged resignation date lacked sufficient probative value, the court said, particularly given they were established specifically for sanctions proceedings and came from the company itself.
Evidence also showed Konov participated in October 2023 in strategic discussions at the Russian government’s Coordination Centre for Technological Development, led by Prime Minister Mikhail Mishustin, on projects aimed at strengthening Russia’s technological sovereignty and reducing dependence on foreign imports in sectors including chemicals, the court noted.
Additionally, Putin appointed Konov in January 2023 as a member of the supervisory board of the Russian Science Foundation, a public organisation supporting fundamental research and scientific projects. The court said presidential appointments demonstrate a form of recognition or trust from Russian spheres of influence and contribute to maintaining Konov’s status as an influential businessperson.
Sibur Holding is Russia’s largest integrated petrochemicals company and one of the fastest-growing companies in the global petrochemicals industry. Alrosa is a state-owned company operating in the diamond industry in which the Russian Federation holds 33% and the Republic of Sakha holds 25%.
Between 2017 and 2020, Konov was ranked among Russia’s 200 wealthiest individuals with an estimated fortune exceeding $450 million.
Konov faces sanctions in the European Union, United Kingdom, Australia and New Zealand in addition to Switzerland. The EU’s General Court rejected his challenge to EU sanctions in a judgment dated 11 December 2024.
