Billionaire businessman Roman Abramovich has lost his bid to overturn European Union sanctions against him. The sanctions were imposed due to his close ties with Russian President Vladimir Putin.

Abramovich's lawyers argued that the sanctions were unfair and had a significant impact on his business dealings. However, the EU's top court has rejected their appeal.

The sanctions were put in place in response to Russia's actions in Ukraine. Abramovich's close relationship with Putin has raised concerns among EU officials.

Abramovich has denied any wrongdoing and has maintained that he is a private businessman who is not involved in politics.