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The European Union has lifted sanctions on Russian businessmen Alisher Usmanov and Mikhail Fridman, allowing them to travel and manage assets in the bloc. The EU extended restrictions on about 3,000 other Russian individuals and entities for three years; both men remain under U.S. and UK sanctions.
The European Union has lifted sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, enabling them to travel within the bloc, manage assets there and conduct business in the EU. The move is an exception to the bloc’s wider policy: the European Council extended restrictions on about 3,000 other Russian individuals and businesses for three years, according to The Bell.
The delistings end the EU restrictions imposed on the two businessmen after Russia’s 2022 invasion of Ukraine. The Bell reports that Usmanov had been described by the EU as a “pro-Kremlin oligarch” in February 2022. Fridman, who moved to London, was also placed under British and European sanctions that year. The source says the EU removals allow both men to travel freely in Europe and manage previously blocked assets, including bank accounts, property, yachts and aircraft.
According to The Bell, Usmanov’s removal followed years of lobbying by Hungary and support from Slovak Prime Minister Robert Fico, but an intervention by France proved decisive. The report links French support to efforts to secure the release of two French businessmen held in Azerbaijan. It says Martin Ryan was released, while Anass Derraz, who was imprisoned in a separate case, was not. The account describes a connection between the diplomatic discussions and Usmanov’s long-standing relationship with Azerbaijani President Ilham Aliyev; the details and terms of any arrangement are not independently established in the supplied material.
Luxembourg then backed the effort to remove Fridman from the list, The Bell reports. Fridman had been seeking delisting for years and filed a €16 billion lawsuit against the government, though the source does not specify the current status of that case. The report says the EU decision could allow him to reclaim his stake in LetterOne, the Luxembourg-registered holding company through which he and partners assembled international assets. The extent and timing of any asset changes are not detailed.
Two Delistings, One Wider Renewal
The decision creates a clear distinction between the treatment of two prominent business figures and the broader sanctions regime. Usmanov and Fridman can regain access to financial and business activities in the EU, while restrictions on roughly 3,000 other listed people and entities remain in place under an unusually long, three-year extension. The Bell describes this as the longest single extension so far, compared with earlier debates over renewals lasting six or 12 months.
The move also matters for the unity of EU sanctions policy. The Bell argues that France’s role in the Usmanov case could encourage governments to prioritize national interests when deciding whether to maintain collective measures. That is the publication’s assessment, not a confirmed change in EU policy. Still, the contrast between the two delistings and the wider extension puts attention on how the bloc weighs individual cases against common sanctions decisions.
For the men themselves, the practical effects are significant but geographically limited. The Bell says they may travel, manage assets and do business in the EU, while stressing that U.S. and UK sanctions remain in force. The European decision does not, by itself, remove restrictions imposed by those governments.
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How the Delistings Took Shape
Usmanov built his wealth in mining and metals during the 1990s and owns a 49% stake in USM, according to The Bell. The Russian investment group controls Metalloinvest, a major iron ore producer, and telecoms company MegaFon. The report says Hungary had sought his removal from the EU list since 2022, following a request from Russian Foreign Minister Sergei Lavrov. After a change of government in Budapest this year, it identifies Fico as a key political supporter, before describing France’s intervention as the turning point.
Fridman also made his fortune in the 1990s. His Alfa Group included Alfa Bank, retailer X5 and mobile operator VimpelCom. The Bell says Alfa Group and its partners received more than $8 billion from a 2010 sale of a 25% stake in oil company TNK-BP to state-owned Rosneft, and later consolidated international holdings under LetterOne. These details help explain why EU access to assets and corporate stakes is central to the impact of his delisting.
The EU’s sanctions measures have been repeatedly renewed since Russia’s invasion. The latest decision combines the two individual removals with a three-year renewal for the remaining listed targets. The supplied report does not provide the formal legal text or the full list of affected people and organizations.
““the first major figures to successfully get themselves removed from the EU’s red list””
— The Bell
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Terms and Asset Effects Still Unclear
The supplied reporting does not include the EU’s formal decision text, the precise date the delistings take effect or the legal reasoning given for removing either man. It also does not independently establish the reported connection between French support for Usmanov’s delisting and the release of Martin Ryan. The source says Ryan was freed but Derraz remained imprisoned; it does not detail the negotiations or establish that the release was a formal condition of France’s position.
It is also unclear which specific accounts, properties or other holdings can now be accessed, whether any assets will be transferred or unfrozen immediately, and how Fridman’s LetterOne stake will be affected in practice. The report states that both men remain under U.S. and UK sanctions, but gives no information on possible challenges to those restrictions. The status of Fridman’s lawsuit is not specified.
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EU Rules and National Positions
The immediate next step is the implementation of the EU decision and any resulting changes to the men’s listed assets and business interests. The supplied source does not give a timetable for those changes. The three-year extension means the other listed targets remain subject to EU restrictions during that period, unless the bloc takes a further decision.
Attention will also turn to whether the delistings affect future EU debates over sanctions renewals. The Bell warns that governments may be more reluctant to support measures that conflict with national interests, but it remains unclear whether other member states will respond that way. Separate U.S. and UK restrictions continue to limit what Usmanov and Fridman can do outside the EU.
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Key Questions
Which sanctions were lifted?
The EU removed Usmanov and Fridman from its sanctions list. The decision does not end restrictions imposed by other governments.
Can Usmanov and Fridman now travel throughout Europe?
The Bell says the EU delistings allow both men to travel freely in Europe and conduct business within the bloc. They remain under U.S. and UK sanctions, which continue to apply under those jurisdictions.
What happened to sanctions on other Russian targets?
The European Council extended restrictions on about 3,000 other Russian individuals and businesses for three years, according to The Bell.
Why was Usmanov removed from the EU list?
The Bell reports that France’s intervention was decisive after lobbying by Hungary and support from Slovakia. It links the French role to efforts involving two French businessmen jailed in Azerbaijan, but the supplied material does not include the EU’s formal reasoning or independently verify an agreement.
Does Fridman automatically regain his LetterOne stake?
The Bell says the delisting could allow Fridman to reclaim his stake in LetterOne. The report does not explain the legal process or confirm that the stake has already been returned.
Source: rss
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