Full Breakdown
EU Moves to Delist Russian Billionaires Alisher Usmanov and Mikhail Fridman
By Drooid · · How we work
EU Agreement to Delist Two Russian Oligarchs
On September 21, EU ambassadors in Brussels reached a provisional deal to remove sanctions on Alisher Usmanov and Mikhail Fridman. The arrangement, which still requires written approval from all 27 member states, ties the delisting to a broader package that renews sanctions on roughly 3,000 other Russia-linked individuals and entities for a 36-month period—longer than the usual six- or twelve-month rollovers.
Background of the 2022 Sanctions
The EU imposed travel bans and asset freezes on both men in 2022 following Russia’s invasion of Ukraine. Both have contested the measures in court; Fridman is pursuing a $16 billion claim against Luxembourg in arbitration.
Official Positions and Diplomatic Process
France’s foreign ministry spokesperson Pascal Confavreux framed France’s support for Usmanov’s removal as a national-security issue, citing pressure from partners. French officials indicated the move responded to concerns raised by Azerbaijan, though an Azerbaijani diplomat denied any such pressure. Luxembourg advocated for Fridman’s delisting, arguing that maintaining sanctions on him alone would weaken its case against Usmanov. EU diplomats said the package was circulated to capitals for written consent on the evening of September 21.
Opposition from Ukraine and Baltic States
Ukrainian Prime Minister Sergii Koretskyi warned that easing sanctions would be “immoral and self-destructive,” noting that attacks in Ukraine that month had killed 288 people and wounded 1,781. Lithuanian Foreign Minister Kestutis Budrys described the proposal as a “dangerous path” that could send “bad signals,” reflecting broader Baltic opposition that the EU might appear vulnerable to blackmail.
Financial Stakes and Scope of the Package
Bloomberg’s Billionaires Index estimates Usmanov’s net worth at $16.6 billion and Fridman’s at $10 billion. The broader renewal targets about 3,000 Russia-linked entities, extending their sanctions for three years to preserve a unified front despite the contentious delisting of the two oligarchs.