Sanctions lifted from oligarchs Usmanov and Fridman
After four and a half years of almost all of Russia’s billionaires being under sanctions, Alisher Usmanov and Mikhail Fridman have become the first major figures to successfully get themselves removed from the EU’s red list.
After nearly five years of Russian billionaires being under sanctions, Alisher Usmanov and Mikhail Fridman emerged as the first high-profile individuals to have their names removed from the EU’s sanctions list. The European Union extended its restrictions against the remaining Russian oligarchs and officials for another three years, the longest extension to date.
Hungary had been seeking to lift sanctions on Usmanov since 2022, thanks to a personal request from Russian Foreign Minister Sergei Lavrov. Slovakian Prime Minister Robert Fico became Usmanov's primary political ally, but his influence alone was insufficient to remove the oligarch from the list. An unexpected intervention from France proved to be the decisive factor.
Usmanov, labeled a "pro-Kremlin oligarch" by Brussels in February 2022, amassed his wealth in the 1990s through mining and metals, owning 49% of USM, Russia's biggest iron ore producer, and telecom giant Megafon. His extensive connections across ex-Soviet nations, particularly with Azerbaijani President Ilham Aliyev, proved instrumental.
In return for France's support, Aliyev promised to release two jailed French businessmen, Martin Ryan and Anass Derraz, in exchange for Usmanov's delisting. Ryan was eventually released, but Derraz remained imprisoned. Luxembourg followed suit and demanded the lifting of sanctions on Fridman, who had been pushing for years to be removed from the list.
Fridman, too, had made his fortune in the tumultuous 1990s, with Alfa Group being his primary venture, which included Alfa Bank, X5 Retail Group, and VimpelCom. The removal of sanctions allows both oligarchs to freely travel, manage their unblocked assets, and conduct business within Europe. However, they remain under American and British sanctions.
While the blacklisting of oligarchs has been largely ineffective, France's decision to deviate from the EU's sanctions policy in favor of its own interests has raised concerns about further division within European sanctions policy.
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