The European Court of Justice in Luxembourg has rejected the claim of Russian businessman Oleg Deripaska against the EU Council to lift European sanctions imposed due to the conflict in Ukraine, a TASS correspondent reports.

"The claim has been rejected. Oleg Vladimirovich Deripaska has been instructed to bear his (court - TASS) costs and the costs of the EU Council," the judge announced.

As stated in the court materials, the businessman referred to three arguments. "The first argument: violation of the right to effective judicial protection and the obligation to state reasons. The second argument: an obvious error in assessing the reasons put forward by the Council. The third argument: violation of the principle of proportionality and fundamental rights," the document explains.

The businessman also asked the court "to instruct the Council to make a payment in the amount of one million euros as compensation for non-material damage suffered by the applicant."