The EU is poised to delist Alisher Usmanov and Mikhail Fridman from sanctions imposed after Russia's 2022 invasion while renewing measures on about 3,000 other Russia-linked targets for 36 months. The compromise, negotiated by EU ambassadors, still requires unanimous written approval from all member states. France and Luxembourg pushed to remove the two men, drawing objections from several EU countries and strong criticism from Kyiv. The longer renewal term was offered as a concession to opponents.
EU Poised To Remove Sanctions On Usmanov And Fridman While Renewing Measures Against ~3,000 Russia-Linked Targets
FILE PHOTO: Russian businessman, co-founder of Alfa-Group Mikhail Fridman attends a conference of the Israeli foundation Keren Hayesod in Moscow, Russia, September 17, 2019. Pavel Golovkin/Pool via REUTERS/File Photo
Brussels — The European Union is preparing a compromise that would remove sanctions on billionaires Alisher Usmanov and Mikhail Fridman while renewing restrictive measures against roughly 3,000 other Russia-linked individuals and organisations, diplomats said.
Deal Details And Political Backdrop
EU ambassadors in Brussels negotiated the package, which would delist Usmanov and Fridman from measures imposed after Russia's 2022 invasion of Ukraine, while extending sanctions on the broader list for 36 months. The deal still requires unanimous written approval from all EU governments.
Diplomats speaking on condition of anonymity said France and Luxembourg each pressed for one of the men to be removed, a move that provoked anger among some EU partners and strong criticism from Kyiv. France unexpectedly joined Slovakia in advocating that sanctions be lifted on Usmanov; Luxembourg sought equivalent treatment for Fridman.
Allegations Of External Pressure
French officials said the decision on Usmanov was driven by national security considerations and requests from partners, and that France faced pressure from Azerbaijan after the detention of at least two French nationals. An Azerbaijani diplomat rejected those assertions.
Why This Matters
The EU initially sanctioned both men in 2022. The restrictions include travel bans to the bloc and freezes on assets held in the EU. At the time, the EU said Usmanov had "particularly close ties" to President Vladimir Putin and that Fridman had "supported actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine." Both men have contested the sanctions in court.
FILE PHOTO: Russian businessman and founder of USM Holdings Alisher Usmanov attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin/File Photo
Fridman is pursuing a $16 billion arbitration claim against Luxembourg. EU diplomats said Luxembourg warned that its case to uphold sanctions on Fridman could be weakened if sanctions were lifted on Usmanov.
Kyiv Reaction: Ukrainian Prime Minister Sergii Koretskyi urged EU leaders not to ease sanctions, calling any relief "immoral and self-destructive" while the war continues and citing recent civilian casualties.
Opposition And The Trade-Off
Several countries — notably the Baltic states — opposed removing the two names, warning that it would send a dangerous signal and could encourage pressure or blackmail. Despite objections, some opponents indicated they might accept the compromise to secure unanimity required to renew sanctions on the wider list.
As a concession to critics, the renewal period in the proposed package is 36 months, significantly longer than the typical six to 12 months.
Financial Context: The Bloomberg Billionaires Index estimates Usmanov’s net worth at about $16.6 billion and Fridman’s at about $10 billion.
The package was circulated to EU capitals for written approval on Monday evening, according to diplomats.
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