EU agrees to lift sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman

On September 22, 2026, the European Union agreed to remove the sanctions imposed on Russian businessmen Alisher Usmanov and Mikhail Fridman. Permanent representatives of the EU's 27 member states approved the delisting of both men, while simultaneously extending sanctions on roughly 3,000 other individuals and entities linked to Russia's war against Ukraine for another three years. The decision formed part of a broader compromise needed to prevent the entire sanctions framework the EU has maintained against Russia since 2022 from lapsing altogether.

The agreement followed days of diplomatic tension between France and Latvia. Because EU sanctions require unanimous approval, a single member state could block the renewal of the entire package. According to multiple reports, France pushed for Usmanov and Fridman to be removed from the list, while Latvia initially resisted. Several outlets reported that Latvia ultimately gave in to French demands in order to meet a Tuesday evening deadline, after which the EU's existing Russia sanctions would have expired entirely.

Ireland's EU presidency described the outcome as a "difficult compromise" for the bloc. According to the Guardian, very few member states actually wanted this result, but felt compelled to accept it given the looming deadline. On September 21, EU ambassadors had already failed to reach a final agreement and were forced to resume negotiations the following morning at 8 a.m. Brussels time, as reported by the Kyiv Independent. Earlier, EU foreign policy chief Kaja Kallas had warned that Europe needed to maintain pressure on Russia as talks stalled.

An earlier proposal, reported by the Financial Times on September 18, suggested keeping Usmanov formally on the sanctions list while unfreezing his assets and lifting his travel ban into the EU. This middle-ground option, put forward by Ireland and the European External Action Service, was apparently not adopted; instead, member states agreed on the full removal of both men from the list.

Alisher Usmanov, founder of USM Holdings, and Mikhail Fridman, co-founder of Alfa Group, are described by the BBC as having close ties to President Vladimir Putin. Both had been on the EU sanctions list since the start of Russia's full-scale invasion of Ukraine in 2022, which included the freezing of assets and travel bans into the EU. The Kyiv Independent reported that France in particular spearheaded the push to delist the two men, while earlier pressure for a tougher stance had reportedly come from Slovakia.

Reactions from Ukraine were sharply critical. Ukrainian Foreign Minister Andrii Sybiha, quoted by Ukrinform, called the decision "shameful and unjustified," saying Moscow was celebrating because it had gotten what it wanted. Ukraine's sanctions chief, Vladyslav Vlasiuk, was also quoted by the Kyiv Independent describing the move as "astonishing and embarrassing." The Straits Times characterized the compromise deal in its coverage as "shameful."

By contrast, the Russian news agency TASS framed the agreement as a "historic" three-year extension of Russia sanctions, emphasizing the continuation of the sanctions regime against the roughly 3,000 remaining listed individuals and entities. Russian outlet RT focused its coverage on the removal of Usmanov from the list, citing the dispute between France and Latvia as the driving factor.

Several questions remain unresolved, including the concrete economic and political consequences of the sanctions removal for Usmanov and Fridman, such as the practical handling of previously frozen assets or renewed travel access to the EU. It is also unclear how the decision might shape future negotiations over additional sanctions packages targeting Russia. The differing emphasis placed on the news across countries — framed variously as the extension of a broad sanctions regime or as a concession to Russian oligarchs — is likely to continue shaping political debate in the coming weeks, particularly in relations between the EU and Ukraine.