European Union removes Usmanov and Fridman from sanctions list in controversial deal

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 th...