EU extends Russia sanctions for three years, lifts restrictions on billionaires Alisher Usmanov and Mikhail Fridman

The European Union has agreed to extend sanctions against Russian individuals and entities for an additional three years, with the restrictions on billionaire Alisher Usmanov and Mikhail Fridman being lifted, according to a council statement released on September 22. The remaining sanctions will now run until September 22, 2029.

The existing measures target over 3,000 individuals and entities linked to Russia's invasion of Ukraine. The council also decided not to renew the listings of three individuals and one entity. Usmanov, a 62-year-old Russian billionaire, was removed from the sanctions list due to pressure from France and Slovakia, while Fridman, a 73-year-old co-founder of Alfa Group, received support from Luxembourg.

Latvia opposed the removal of both figures. Usmanov, with an estimated net worth of $14 billion, amassed his wealth in various sectors such as mining, industry, telecoms, and media. He was sanctioned by multiple countries, including the EU and the U.S., due to his close ties to Russian President Vladimir Putin. Fridman, with an estimated net worth of $16.6 billion, was sanctioned after stepping down from his Luxembourg-based holding company and reducing his stake in TNK-BP.

The decision to remove them from the sanctions list was described as a "difficult compromise," as it involved extending the time between sanctions reviews from six months to 36 months.