Russia is taking the European Union to court over sanctions on its companies in what the Financial Times calls “a sign of the pain that the companies’ exclusion from global capital markets is inflicting on the Russian economy”.

State oil giant Rosneft and businessman Arkady Rotenberg have both requested that the European Court of Justice cancel the European Council’s decision of end July, which barred energy companies and state banks from raising funds on European markets.

The financial daily says the Court has previously —

gone against the council in relation to similar measures imposed on Iran and Syria. In particular, the court has ruled that in implementing sanctions, European states have been too reliant on confidential sources, which impair the targets’ ability to mount an effective defence.

The Financial Times adds that a potentially long appeals process means “legal action does not promise quick relief from the economic pain” of the sanctions.