EU Delists Russian Oligarchs: Usmanov and Fridman 2026

The European Union has removed two Russian oligarchs — Alisher Usmanov and Mikhail Fridman — from its sanctions list on 22 September 2026, even as Vladimir Putin escalates hybrid attacks on European countries. The controversial deal, pushed by France and Luxembourg, extends the bloc's remaining Russia sanctions for three years instead of the previous six-month renewals. EU officials say the compromise was needed to save the sanctions regime from collapse, but critics call it a capitulation to Kremlin-linked billionaires.

Background: Why the EU Sanctioned Usmanov and Fridman

Both men were placed on the EU sanctions list in 2022, shortly after Russia's full-scale invasion of Ukraine. Alisher Usmanov, an Uzbek-Russian metals tycoon and founder of USM Holdings, was described by EU officials as a "pro-Kremlin oligarch" with exceptionally close ties to President Putin — often called "Putin's favorite oligarch." Mikhail Fridman, co-founder of Alfa Group, was sanctioned as one of the main financiers of Putin's inner circle. The EU sanctions against Russia have since targeted nearly 3,000 individuals and entities.

The Deal: Three-Year Extension for Two Delistings

Under the agreement reached after fraught negotiations, the EU will renew its individual sanctions for 36 months, until September 2029, instead of the usual six-month cycle. In exchange, France and Luxembourg secured the removal of Usmanov and Fridman. Slovakia also backed the delistings, while Latvia — the last holdout — ultimately abstained, allowing the unanimous-required decision to pass. Latvia has since imposed its own national sanctions on both men.

France's National Security Push

France insisted on removing Usmanov, citing "national security" concerns. According to the Financial Times and other outlets, Paris sought to free two French citizens detained in Azerbaijan, reportedly including businessman Martin Ryan. Azerbaijan is said to have conditioned the release on Usmanov's delisting. French officials have refused to elaborate on the reasons.

Luxembourg's Legal Battle

Luxembourg demanded Fridman's removal because the oligarch has filed a massive legal claim against the country. Fridman is seeking roughly €14 billion ($16 billion) for losses caused by the sanctions, and Luxembourg wants to end the dispute. Both moves illustrate how EU members are increasingly reluctant to bear the economic and legal costs of sanctions that hurt their own interests.

Reaction: Baltic Fury and Ukraine's Condemnation

The Baltic states, particularly Latvia, reacted with anger. Latvian Prime Minister Andris Kulbergs said before the vote: "As long as Russia continues the war, European pressure on the Kremlin should increase, not decrease." Ukrainian President Volodymyr Zelensky had pleaded with EU leaders to keep both oligarchs on the list "until Moscow starts serious peace negotiations." Ukrainian Foreign Minister Andrii Sybiha called the removal "shameful and unjustifiable."

The backlash echoes divisions seen in earlier EU sanctions packages, such as when Greece blocked restrictions on Russian liquefied natural gas in July to protect its shipping sector. Russia expert Hubert Smeets warned: "European sanctions against Russia must not hurt European countries themselves too much. That's why they work insufficiently. Soon every EU country will want its own oligarch off the list because it suits them."

Implications for EU Sanctions Policy

The three-year renewal is a structural change that may reduce future leverage for individual member states, but it came at a high price. EU diplomats acknowledge the trade-off was ugly. One diplomat said: "It has become a mess. Nobody is happy with this ugly compromise, but it was necessary to save what could still be saved." The decision may reshape how the bloc approaches Russian oligarch sanctions in future negotiations, with more countries potentially demanding exemptions for their own interests.

FAQ

Why did the EU remove Usmanov and Fridman from the sanctions list?

France pushed for Usmanov's removal to secure the release of two French citizens held in Azerbaijan, while Luxembourg sought Fridman's removal to end his €14 billion legal claim against the country. Both delistings were part of a deal to extend the overall sanctions regime for three years.

How long will EU sanctions on Russia now last?

The individual sanctions will now be renewed every 36 months, until September 2029, instead of every six months. This longer period is designed to prevent repeated brinkmanship over renewals.

Who opposed the deal?

Latvia was the last holdout and initially opposed the delistings, but ultimately abstained. Latvia has imposed its own national sanctions on Usmanov and Fridman. Ukraine also strongly condemned the move.

What are the total number of sanctioned individuals and entities?

Approximately 3,000 individuals and entities remain on the EU's Russia sanctions list, covering travel bans, asset freezes, and financial restrictions.