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The state of Iceland acquitted in Supreme Court
The Icelandic state was acquitted of the Icelandic tech company Vélfag's claim in the Supreme Court. The case of Ivan Nicolai Kaufmann, the company's majority owner, was dropped.
This according to Icelandic broadcaster RUV.
This is the first Icelandic company to be subject to trade sanctions in connection with Russia's invasion of Ukraine.
Vélfag demanded that the Icelandic state reverse Arion Bank’s decision to freeze its assets. Last year, Vélfag became the first company to be subjected to economic sanctions due to alleged ties to the Russian shadow fleet. Vélfag has argued that the state, not the bank, should be the authority in this matter.
The ruling has not been published, and the reasoning is therefore unknown.