The EU Drops Two Russian Billionaires From Sanctions, and Unity Finds the Fine Print

The European Union renewed sanctions on roughly 3,000 Russian individuals and entities while removing billionaires Alisher Usmanov and Mikhail Fridman from the list. Europe preserved the giant sanctions package by opening two very expensive side doors, which is apparently how unanimity looks after the lawyers finish with it.

France pushed to remove Usmanov, citing national-security concerns, while Luxembourg sought the same treatment for Fridman, who has brought a multibillion-dollar claim against the country. Latvia initially resisted but ultimately abstained, allowing the package to pass.

A longer renewal came with a controversial price

In return for the delistings, the EU extended the other measures for three years instead of the customary six months. Those restrictions include asset freezes, travel bans and transaction limits imposed after Russia's full-scale invasion of Ukraine.

Ukraine's foreign minister condemned the removals and urged individual European governments to impose national restrictions. Latvia also said it would consider national sanctions, an answer that keeps the dispute alive even after the collective vote ended.

The argument is about credibility as much as two names

Sanctions require every EU member to agree, giving each capital leverage over the entire package. Supporters of the compromise can point to three years of continuity for thousands of listings. Critics can point to the precedent: a government with enough pressure or a separate diplomatic concern may win an exception.

Reuters detailed the September 22 agreement and the objections surrounding it.

The policy remains broad and economically significant. The political message, however, is less tidy. Europe renewed a common front while demonstrating exactly where its seams are stitched—and which billionaires can afford to examine them.

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