Latvia imposes sanctions on Kremlin-linked oligarchs Fridman and Usmanov
Latvia's government has banned Russian oligarchs Mikhail Fridman and Alisher Usmanov from entering the country and ordered their assets there frozen over ties to the Kremlin and Russia's war against Ukraine.
The Latvian government has issued an order imposing national sanctions on two Russian oligarchs, Mikhail Fridman and Alisher Usmanov. Both men are now barred from entering or staying in Latvia, and from transiting its territory, while all their assets and economic resources under Latvian jurisdiction must be frozen.
The order states that both men meet the criteria for sanctions against individuals connected to Russia's military aggression against Ukraine.
Fridman's Kremlin ties
Fridman is described as a leading businessman close to Vladimir Putin and one of the main shareholders of Alfa Group. He also holds shares in Rosvodokanal, one of Russia's largest private water utility companies, and in ABH Holdings, which formerly controlled Alfa Bank. The order explains that after Russian authorities expropriated an EU-based holding company's ownership of Alfa Bank in 2024, Fridman became a direct shareholder on the Russian side and later sold this stake, receiving a substantial payment inside Russia.
Usmanov's Kremlin ties
Usmanov is described as a businessman close to Putin and a principal shareholder of USM Holdings, with close ties to former president and current deputy chairman of Russia's Security Council Dmitry Medvedev, who has made personal use of luxury residences controlled by Usmanov. Usmanov owns steel giant Metalloinvest along with other resource-extraction companies that provide significant revenue to the Russian budget, as well as the newspaper Kommersant, which has published content critical of Ukraine.
Scope of restrictions
Under Latvia's law on international and national sanctions, both men face entry bans and financial restrictions, which also extend to assets held by third parties acting on their behalf. Within six weeks, Fridman and Usmanov must notify Latvia's Financial Intelligence Service of any funds or resources under their control within Latvian jurisdiction. The order took effect upon signing, and the Cabinet of Ministers will review it at least once a year.
