EU moves to delist Russian billionaires Usmanov and Fridman

Key facts

• The EU is moving to remove Russian businessmen Alisher Usmanov and Mikhail Fridman from its sanctions list.
• France lobbied for the removal of Usmanov, citing national security concerns.
• Luxembourg had requested the de-listing of banking magnate Fridman.
• The agreement was reached as part of a deal to renew the EU's broader sanctions framework.
• The current sanctions list will be extended for three years.
• Usmanov and Fridman have denied supporting Russia's war effort and argued their asset freezes are unlawful.

The European Union is preparing to remove two of Russia's wealthiest individuals, Alisher Usmanov and Mikhail Fridman, from its sanctions list as part of a diplomatic maneuver to ensure the renewal of broader EU sanctions. The deal, struck by member state ambassadors behind closed doors, comes after France held up the entire sanctions framework, which risked expiring if not renewed. Paris cited "national security" concerns for its support of Usmanov's de-listing, while Luxembourg had long requested Fridman's removal, who is reportedly suing the country over frozen assets.

Diplomats confirmed that the agreement was reached, with the current list of sanctioned individuals to remain in place for three years, effectively deferring further debate until 2029. This move has drawn criticism from some member states, including Baltic nations, who warned that using sanctions as a bargaining chip could set a dangerous precedent. Latvian MEP Rihards Kols stated that while France has the right to seek the release of its citizens, "the price cannot be relief for a Russian oligarch sanctioned for his links to the Putin regime."

Concerns were also privately expressed about the lack of detailed information provided at the ambassadorial meeting where the decision was made. A senior French diplomat acknowledged that member states could seek further precision through appropriate channels. Both Usmanov and Fridman have consistently denied supporting Russia's war efforts and have argued that the seizure of their assets is unlawful.