EU set to remove two Russian oligarchs from sanctions list, angering Ukraine

The European Union is planning to remove sanctions on two oligarchs — Russian-Uzbek billionaire Alisher Usmanov and Russian-Israeli businessman Mikhail Fridman — that were imposed following Russia's full-scale invasion of Ukraine in 2022.

France campaigned for Usmanov's removal from the list, citing "national security concerns." It has been reported that France's initiative was linked to a prospective prisoner release deal with Azerbaijan. Luxembourg pushed for Fridman's removal; he is currently suing the country over the release of his frozen assets.

Latvia initially opposed the deal but ultimately agreed to a compromise that includes extending sanctions on nearly 3,000 other individuals and entities for a further three years.

Ukraine's reaction

Ukrainian officials described the move as unacceptable, warning it sends the wrong signal to Moscow. Foreign Minister Andriy Sybiha said on X that Moscow was celebrating because it had gotten what it wanted — a sense of impunity, the humiliation of the EU, and division among Europeans. He urged all EU member states to impose their own national sanctions on the two individuals instead. Latvia has already said it will do so.

Kremlin spokesperson Dmitry Peskov earlier welcomed the prospect of the two oligarchs being delisted, claiming the EU's sanctions were illegal and that all Russians should be removed from such lists.

Usmanov founded USM Holding, an investment group whose assets include iron, steel and copper suppliers as well as the telecommunications company Megafon. He has previously had ties to English Premier League clubs Arsenal and Everton. The EU froze his assets in 2022, describing him as a pro-Kremlin oligarch with particularly close ties to Russian President Vladimir Putin. Usmanov has called the decision unfair.