EU Talks Continue to Lift Sanctions on Russian Billionaires Usmanov and Fridman

EU Envoys Seek Compromise on Russian Billionaire Sanctions

Negotiations among ambassadors in Brussels led to a proposal sent to EU governments for approval, according to people familiar with the matter. Under the terms outlined by diplomats, the bloc would remove Usmanov and Fridman from its sanctions list. In exchange, sanctions covering approximately 3,000 other Russia-linked individuals and corporate entities would be renewed for a three-year period.

Latvia withheld its immediate backing when the text circulated. A spokesperson for the Latvian Foreign Ministry stated that decisions require a joint EU approach and that member states are still coordinating positions. Latvia previously pursued legal avenues to keep Fridman and business partner Petr Aven under restrictive measures.

France and Luxembourg Push for Removals

The push to drop sanctions against the two high-net-worth individuals surprised several member states. France joined Slovakia in advocating for Usmanov’s removal, citing national security grounds and requests from partners after Azerbaijan detained French nationals, according to three European diplomats who spoke with Reuters. A senior Azerbaijani diplomat rejected those assertions.

Luxembourg subsequently demanded parallel treatment for Fridman. Fridman is currently pursuing a $16 billion arbitration claim against Luxembourg. EU diplomats reported that Luxembourg argued maintaining sanctions on Fridman could be weakened if Usmanov were cleared.

Both billionaires have contested their designations in court. The EU initially penalized Usmanov in 2022 due to “particularly close ties” with Russian President Vladimir Putin, while Fridman was cited for supporting actions or policies which undermine or threaten Ukraine’s territorial integrity, sovereignty and independence. According to the Bloomberg Billionaires Index, Usmanov holds an estimated net worth of $16.6 billion, and Fridman commands $10 billion.

Friction Between Baltic States and Major Capitals

The proposal triggered sharp pushback from Baltic nations and other member states. Lithuanian Foreign Minister Kestutis Budrys told Reuters during the United Nations General Assembly that lifting curbs on the two men sends dangerous signals and creates an impression that the bloc is open to blackmail.

Ukrainian Prime Minister Sergii Koretskyi also condemned the prospect of easing restrictions, noting on X that recent attacks had killed 288 people and wounded 1,781 in a single month. “Europe cannot treat Russia’s enablers as friends,” Koretskyi wrote. Despite such objections, most opposing capitals appeared ready to accept the compromise to secure the unanimity required to keep the broader 3,000-strong sanctions regime active for 36 months—significantly longer than the usual six- or twelve-month renewal cycles.

Frequently Asked Questions

• Why are EU sanctions being lifted for Usmanov and Fridman?
  According to diplomats, France and Luxembourg pushed for the removals for domestic reasons, leading to a compromise package that secures a three-year extension of sanctions on roughly 3,000 other Russian-linked entities.
• Which country opposed the deal?
  Latvia withheld immediate approval, stating that EU positions are still being coordinated, while Baltic states and Ukraine strongly criticized the potential concessions.
• What legal actions are involved?
  Both billionaires have mounted legal challenges against their 2022 asset freezes and travel bans, with Fridman pursuing a $16 billion arbitration claim against Luxembourg.