EU extends Russia sanctions to 2029 while removing Usmanov and Fridman

Three-year extension sealed under deadline pressure

European Union member states approved a 36-month extension of individual sanctions on 22 September 2026, maintaining restrictions on approximately 3,000 Russian entities and individuals until 22 September 2029. The formal agreement was concluded five hours before the expiration of the existing measures, following days of deadlock in Brussels. To achieve the required unanimity, the European Council removed Russian oligarchs Alisher Usmanov and Mikhail Fridman from the sanctions list. The compromise replaced the previous six-month renewal cycle with a multi-year framework designed to prevent member states from reopening negotiations over specific listings in the near term. Polish Foreign Minister Radosław Sikorski acknowledged the agreement during remarks in New York, describing the arrangement as an exceptional necessity to protect the wider sanctions system.

We are not happy about this, but it was the only possible compromise that could be made.

National exemptions driven by Paris, Luxembourg, and Bratislava

The decision to delist Usmanov and Fridman followed coordinated pressure by France, Luxembourg, and Slovakia, each of which conditioned approval of the broader package on specific exclusions. France requested Usmanov's removal on national security grounds, with diplomatic reporting linking the initiative to talks regarding Martin Ryan, a French citizen detained in Azerbaijan on espionage charges. Luxembourg sought the delisting of Fridman, who had launched a $16 billion compensation lawsuit against the Grand Duchy over frozen assets. Slovakia also demanded the removal of both businessmen, maintaining a negotiating tactic previously used alongside Hungary during past sanctions renewals. Individual sanctions imposed in 2022 had frozen assets and banned entry across the European Union for both figures.

Fortunes and Kremlin ties of the delisted figures

Both billionaires rank among the wealthiest individuals in Russia and had contested their listings before European courts. Usmanov, whose fortune is valued by Forbes at $15 billion, is the primary shareholder of USM holding, a conglomerate encompassing Metalloinvest along with telecommunications and technology assets. He is also the sole owner of the Russian business daily Kommersant, which adopted a Kremlin-aligned editorial line under his ownership. Fridman, a Russian-Israeli banker with an estimated net worth of $16 billion, co-founded Alfa Group, ABH Holdings, and the investment company LetterOne. European authorities initially sanctioned both men in 2022 due to their ties to Russian President Vladimir Putin and their involvement in economic sectors that generate substantial state revenues.

Backlash from Kyiv, the Baltic states, and Russian dissidents

The delisting prompted sharp objections across Eastern Europe and among Russian opposition figures. Ukrainian Foreign Minister Andrii Sybiha described the outcome as disgraceful and unjustified, while President Volodymyr Zelenskyy warned that granting exemptions established a hazardous precedent. Latvia resisted the delisting until the final hours of negotiations, with Prime Minister Andris Kulbergs conducting emergency discussions with European leaders on 21 September before deciding to abstain.

This was not a choice between a good and a bad solution, but between a bad and a much worse one: we were choosing between changing the status of two people and the future of the entire sanctions system, which applies to more than 2,600 people and entities linked to Russian aggression.

Russian anti-corruption campaigner Yulia Navalnaya also condemned European institutions for prioritizing financial resources over accountability.

Thank you to the European Commission for another reminder that in big politics, money still speaks louder than principles.