EU renews Russia sanctions, removes two billionaires from list

European Union envoys have reached an agreement to extend sanctions against approximately 3,000 individuals and entities linked to Russia for a period of three years. This decision marks a shift from the previous policy, which required the renewal of these designations every six months.

The agreement was finalized following a period of negotiation during which Latvia, previously the final holdout, chose to abstain from the vote. Because European Union sanctions require unanimous approval from all member states, Latvia’s abstention allowed the measure to proceed.

As part of the deal to secure the three-year renewal, the European Union will remove Russian billionaires Alisher Usmanov and Mikhail Fridman from its sanctions list. The formal adoption of this decision is pending the completion of a standard written procedure.

The removal of these two individuals followed specific requests from member states. France had advocated for the removal of Usmanov, a Russian-Uzbek metals tycoon, citing national security concerns. Separately, Luxembourg requested the removal of Fridman, who has initiated a $16 billion legal claim against the country.

The process of reaching this agreement was described as unusually fraught, reflecting the complexities of maintaining consensus among member states regarding the bloc's sanctions policy. Once the written procedure is finalized, the new terms will formally take effect.