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The EU has lifted its sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, allowing them to travel, access assets and do business in the bloc. The European Council extended sanctions on about 3,000 other Russian individuals and entities for three years; both men remain under U.S. and British sanctions.
The European Union has lifted sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, allowing them to travel in the bloc, manage assets there and conduct business, according to The Bell. At the same time, the European Council extended restrictions on about 3,000 other Russian individuals and businesses for three years. Usmanov and Fridman remain under U.S. and British sanctions.
The Bell reports that Usmanov and Fridman are the first major Russian figures to succeed in getting themselves removed from the EU’s sanctions list after years of restrictions on Russian billionaires. Their delistings are an exception to the broader policy: the EU’s measures against other listed Russian individuals and entities have been extended for a period the outlet describes as the longest single extension so far.
Usmanov, who was identified by the EU in February 2022 as a “pro-Kremlin oligarch,” built his wealth in mining and metals during the 1990s. The report says he owns 49% of USM, whose holdings include Metalloinvest, a major iron ore producer, and telecoms company Megafon. Hungary had sought his removal from the list since 2022, while Slovak Prime Minister Robert Fico later became a political supporter of the effort, The Bell reports.
The report identifies an intervention by France as a key factor in Usmanov’s delisting. It says French support was linked to Azerbaijani President Ilham Aliyev’s promise to release two French businessmen held in Azerbaijan. Only one, Martin Ryan, was released, according to the article. The Bell says Luxembourg then followed France’s lead in seeking the removal of Fridman, who had pursued delisting for years and filed a €16 billion lawsuit against the government.
Two Delistings, Wider EU Restrictions
The decisions create a sharp contrast: two high-profile individuals have regained access to the EU, while thousands of other Russian targets face restrictions through a three-year extension. For Usmanov and Fridman, delisting can have immediate practical effects. The Bell says they can travel in Europe, manage previously blocked assets such as bank accounts, villas, yachts and aircraft, and do business within the bloc.
For Fridman, the change could allow him to reclaim his stake in Luxembourg-registered LetterOne, the holding company for international assets acquired with his partners. The source does not establish that any particular asset has already been restored or that a legal transfer has taken place; the delisting removes EU sanctions restrictions, but asset-specific steps may still be required.
The episode also carries implications for how the EU maintains a common sanctions policy. The Bell argues that France’s role in Usmanov’s case may encourage governments to weigh national interests more heavily in future decisions. That is the outlet’s analysis, not a confirmed change to EU policy. The reported three-year extension nevertheless sets a longer horizon for the remaining restrictions than previous six- or 12-month renewals.
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How the Delisting Effort Advanced
Usmanov and Fridman accumulated their fortunes in Russia’s business upheavals of the 1990s and were placed under European and British sanctions in 2022. The Bell says Usmanov’s removal had been pursued by Hungary since that year, following a request from Russian Foreign Minister Sergei Lavrov. After a change of government in Budapest, the report says Fico became Usmanov’s principal political ally, but his support alone did not secure the outcome.
Fridman’s business interests include Alfa Group, whose assets included Alfa Bank, retailer X5 and mobile operator Vimpelcom. The Bell reports that Alfa Group and its partners received more than $8 billion in 2010 from selling a 25% stake in oil company TNK-BP to state-owned Rosneft. Fridman and his partners later used the proceeds to build an international portfolio under LetterOne. Fridman moved to London and was placed under British and European sanctions in 2022.
The Bell’s report frames the removals as unusual, not as a general easing of EU restrictions on Russian elites. It says the other measures were extended for three years, after earlier EU debates over shorter renewal periods. The article also notes that the two men remain subject to U.S. and UK sanctions, so their EU delistings do not end restrictions imposed by those countries.
““The key factor in finally freeing Usmanov from restrictions was an unexpected intervention from France.””
— The Bell, on the reported effect of France’s intervention
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Limits of the Reported Decision
The available report does not include the EU legal texts, the stated grounds for removing either man, or direct comments from EU officials explaining the decision. It is therefore unclear from this material whether the delistings followed a court ruling, a change in the EU’s assessment, or another legal or political process.
The article describes a link between French support for Usmanov’s removal and Aliyev’s promise to release two French nationals. It says Martin Ryan was freed but Anass Derraz remained jailed. The report does not provide direct confirmation from the French or Azerbaijani governments that the release and the sanctions decision were formally connected. The precise terms of any discussions are not established here.
It is also unclear which specific assets will be unfrozen immediately, what procedures will apply to them, and whether either man will be able to resume particular business activities without further legal steps. Their U.S. and British sanctions remain in force, so the EU decision alone does not restore unrestricted access to assets or travel across all jurisdictions.
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Asset Access and EU Sanctions
The next practical developments will be whether Usmanov and Fridman can regain control of specific EU-held assets and whether Fridman’s position in LetterOne changes. The Bell says the delisting permits them to manage assets and conduct business in the bloc, but reports no completed asset transfers or transactions. Those outcomes may depend on the relevant institutions and any additional legal requirements.
The three-year extension will keep restrictions on the other listed Russian individuals and entities in place for the stated period, subject to any later EU decisions or legal challenges. The political response among member states may also matter: The Bell warns that the French role could affect future negotiations, but there is no confirmation in the report that other governments have changed their positions or that the EU’s sanctions framework has been revised.
For now, the confirmed picture is a narrow EU delisting for two businessmen alongside an extended sanctions regime for thousands of other targets. Their continued inclusion on U.S. and British lists means the full international effect of the decision remains limited.
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Key Questions
What did the EU decide?
The EU removed Alisher Usmanov and Mikhail Fridman from its sanctions list, while extending restrictions on about 3,000 other Russian individuals and businesses for three years, according to The Bell.
Can Usmanov and Fridman now travel and access assets in Europe?
The Bell says the EU delisting allows both men to travel within the bloc, manage assets there and do business. The report does not confirm that particular assets have already been unfrozen or restored.
Are the two men free of all sanctions?
No. The report says both remain under U.S. and British sanctions. The decision concerns their EU listing.
Why was Usmanov removed from the EU list?
The Bell says French intervention was a key factor and reports that France’s support was linked to Azerbaijani President Ilham Aliyev’s promise to release two French businessmen. The report does not provide official confirmation of a formal connection between that promise and the delisting.
What happens to the other EU sanctions?
Restrictions on about 3,000 other Russian individuals and businesses were extended for three years, according to the report. The source describes this as the longest single extension so far.
Source: rss
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