EU drops sanctions for Russian oligarchs Usmanov and Fridman

The European Union reached an agreement on Tuesday to maintain sanctions on 3,000 Russian individuals, entities and companies, while simultaneously lifting sanctions on two prominent Russian oligarchs, Alisher Usmanov and Mikhail Fridman. After intense negotiations preceding a Wednesday deadline for sanction extension, the compromise calls for a 36-month extension, ending on September 22, 2029.

Ireland's EU presidency spokesman confirmed the decision, stating that the regime would be extended rather than renewed for shorter periods. The agreement was also intended to remove certain individuals from the sanctions list. Ukraine's Foreign Minister, Andrii Sybiha, denounced the move as "shameful and unjustifiable," while Ukrainian President Volodymyr Zelenskyy accused the EU of showing "humiliation" and division among Europeans.

Zelenskyy expressed gratitude to EU Commissioner Ursula von der Leyen for her willingness to add more Russian names to the sanctions list. France, which demanded Usmanov's removal from the sanctions list, cited "national security" concerns, though no further details were provided. Meanwhile, Fridman's exemption was pushed by Luxembourg, as the oligarch is currently suing the country for €15 billion over frozen assets.

Usmanov and Fridman, both billionaires and close associates of Russian President Vladimir Putin, are among Russia's most notorious oligarchs. Usmanov, an Uzbek immigrant, amassed his wealth in the metals industry and telecom sectors, owning MegaFon, a major Russian mobile phone operator. Fridman, founder and shareholder of the Alfa Group (including Russia's largest private bank, Alfa Bank), co-founded the investment firm LetterOne in Luxembourg and served on its board until being sanctioned by the EU in 2022.