EU agrees to extend Russia sanctions for three years, drops two oligarchs from the list

Deal reached after marathon talks

After negotiations lasting more than 24 hours, European Union member states reached an agreement on sanctions policy toward Russia, BFM TV reports, citing Reuters. The 27 EU countries agreed to extend sanctions on nearly 3,000 companies and individuals linked to Russia and the Kremlin for three years. Until now, these sanctions, imposed after Russia launched its war against Ukraine in February 2022, had to be renewed every six months by unanimous vote.

In exchange for the three-year extension, EU diplomats agreed to remove two Russian oligarchs from the sanctions list — Russian-Uzbek businessman Alisher Usmanov and Mikhail Fridman. France pushed for Usmanov's removal, while Luxembourg advocated for Fridman's, catching many other EU members by surprise.

Latvia resisted

Over the final 24 hours, several countries, including Latvia, opposed the deal. According to BFM TV, Latvia's prime minister (named in the source as Andris Kulbergs) wrote on X that Latvia could not accept such a proposal. Ukrainian President Volodymyr Zelensky praised Latvia on Tuesday afternoon, writing that the world does not need sanctions relief driven by political calculations.

Ukraine's Foreign Minister Andrii Sybiha said on Monday that removing the oligarchs from the list was unacceptable and would send the wrong signal to Moscow at a time when pressure needs to increase. EU foreign policy chief Kaja Kallas, speaking on the sidelines of the UN General Assembly in New York, urged the 27 member states to maintain the sanctions policy, calling it the "heart" of the EU's approach toward Moscow.

France's and Luxembourg's arguments

France justified Usmanov's removal by citing "national security reasons," without further explanation. Several Brussels diplomats cited by Reuters said Paris had come under pressure from Azerbaijan, which is holding at least two French citizens, although Baku denies any blackmail. One EU diplomat expressed concern that this sends a signal that removal from the list can be obtained through blackmail.

Luxembourg, for its part, defended Fridman's removal — the businessman has launched arbitration proceedings against the Grand Duchy, seeking €15 billion in damages over the EU sanctions. Luxembourg believed that keeping Fridman on the list while removing Usmanov could weaken its legal position.

Who are Usmanov and Fridman

Usmanov, a Russian businessman of Uzbek origin, made his fortune in metallurgy and the internet group Mail.Ru, and was formerly a major shareholder of English football club Arsenal. Fridman is one of the main shareholders of the Alfa Group conglomerate, which includes Alfa Bank, one of Russia's largest banks and itself still a target of EU sanctions. The removal of sanctions does not mean the EU no longer considers the two men linked to the Kremlin — it is the result of a diplomatic compromise. The Kremlin on Tuesday demanded the lifting of EU sanctions against "all Russian businessmen."