Ukraine prepares sanctions on 20-plus Russian oligarchs in response to EU delistings

Ukraine is set to impose sanctions on more than 20 Russian oligarchs in retaliation for the European Union's decision to delist billionaires Alisher Usmanov and Mikhail Fridman, according to Foreign Minister Andrii Sybiha. The EU's move to remove the two oligarchs from its sanctions list was part of a 36-month extension to the bloc's individual sanctions regime, which had previously been renewed every six months.

The longer extension eliminates the need for frequent and potentially contentious negotiations with EU member states, as individual countries often pressured for specific names to be removed from the list. France had lobbied for Usmanov's removal, while Slovakia was involved in the negotiations, and Latvia agreed to allow the delisting of Usmanov and Fridman to avoid a complete lapse in the sanctions regime.

Usmanov, who owns the mining and steel company Metalloinvest, and Fridman, the founder of the Alfa Group conglomerate, are among Russia's wealthiest businesspeople. Both individuals were sanctioned by the EU in response to Russia's full-scale invasion.