UK keeps Usmanov, Fridman sanctions in place despite EU’s backtrack

Ukrainian sanctions adviser Vladyslav Vlasiuk has urged the European Union to impose sanctions on Russian billionaires Vladimir Potanin and Vladimir Lisin, following the delisting of Mikhail Fridman and Alisher Usmanov, according to an interview with Politico. Vlasiuk suggests that lifting sanctions on Fridman and Usmanov created a "dangerous precedent," but there is now leverage to push for sanctions against Potanin and Lisin.

Adding these two billionaires to the EU sanctions list would effectively cut their companies off from trade in the European market, given their substantial presence and size of their businesses, which have so far helped them avoid sanctions. Lisin's NLMK owns metalworking facilities in Belgium, France, Italy, and Denmark, while Potanin's Nornickel has substantial holdings in Russia.

A spokesperson for Lisin criticized the move as "unfair competition," stating that it leverages sanctions pressure to eliminate a competitor from the market and inflict harm on the European economy. Potanin, however, did not respond to Politico's request for comment. Potanin avoided sanctions for a long time after Russia's full-scale invasion of Ukraine began, but his U.S. assets were blocked in December 2022.

The UK has also sanctioned him, but the EU has not. During the war, Potanin expanded his holdings in Russia, acquiring stakes in Yandex, Tinkoff Bank, and Rosbank. Russian opposition figures strongly condemned the EU's decision to lift sanctions on Fridman and Usmanov.