The EU lifted sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman but extended restrictions on more than 3,000 others for three years. Here’s how that deal works.
On September 22, EU countries agreed to remove two Russian billionaires from the sanctions list: USM Holdings founder Alisher Usmanov and Alfa Group co-founder Mikhail Fridman.
On September 22, the European Union decided to lift sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, but extended a broader sanctions list that covers over 3,000 individuals and entities for an additional three years, until September 22, 2029. French and Luxembourgian demands for the removal of Usmanov and Fridman, respectively, were key factors in the decision, as their demands required unanimous approval from all 27 EU member states.
The sanctions initially expired on September 15, but a seven-day extension allowed EU countries to negotiate and reach the final decision.
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