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The European Union lifted sanctions on two of Russia’s most prominent billionaires, Alisher Usmanov and Mikhail Fridman, on September 21 as part of a complex diplomatic compromise that has already drawn fierce backlash from Ukraine and divided opinion among EU member states.
The deal is straightforward in structure but messy in politics: remove two high-profile names from the sanctions list, and in return, lock in restrictions on approximately 3,000 other individuals and entities for 36 months, extending them until autumn 2029. That three-year extension is a significant departure from the EU’s usual practice of renewing sanctions every six or twelve months.
The deal behind the delistings
France was the primary driver behind Usmanov’s removal. The Russian-Uzbek billionaire was reportedly involved in negotiations surrounding the release of French nationals detained in Azerbaijan, giving Paris a direct national security incentive to push for his delisting. Slovakia also supported the move.
Fridman’s removal followed a different logic entirely. Luxembourg advocated for the Russian-Israeli billionaire’s delisting, motivated by a $16 billion arbitration claim Fridman had filed against the country. That figure alone would represent a staggering liability for a nation whose entire GDP hovers around $80 billion, making the legal exposure a matter of genuine fiscal concern for Luxembourg’s government.
Both oligarchs had been fighting their sanctions through EU courts since the restrictions were first imposed in early 2022, shortly after Russia launched its full-scale invasion of Ukraine. Fridman had already scored a partial legal victory in 2024, weakening the EU’s position and likely adding urgency to finding a negotiated exit.
The sanctions on both men were part of the EU’s broader campaign to pressure individuals and entities with ties to the Kremlin. Usmanov, whose fortune was built through metals and investments including a significant stake in Arsenal Football Club that he later sold, had long been considered one of the most symbolically important names on the list. Fridman, co-founder of Alfa Group, one of Russia’s largest privately owned financial-industrial conglomerates, carried similar weight.
Three years of certainty, at a political price
Latvia, in particular, opposed the delistings, reflecting the sharper threat perception among Baltic and Eastern European countries that share closer proximity to Russia.
Ukraine’s sharp response
Ukrainian officials did not mince words. President Zelenskyy denounced the delistings and called for increased, not decreased, pressure on Russia.
The legal dimension adds another layer of complication. Both Usmanov and Fridman had mounted sustained court challenges against their designations, and Fridman’s partial court victory in 2024 suggested that the EU’s legal basis for some listings was not as airtight as officials might have preferred.
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