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The European Union has removed Alisher Usmanov and Mikhail Fridman from its sanctions blacklist, a decision directly influenced by diplomatic pressure from France and Luxembourg. The move, announced on September 22, came as part of a broader agreement to extend sanctions on approximately 3,000 other individuals and entities for an additional three years. The decision reflects a strategic compromise within the EU, where Luxembourg’s financial and political influence played a key role in securing the exemption for the two Russian oligarchs. While the EU maintains sanctions on a vast majority of Russian-linked figures, the removal of Usmanov and Fridman—both prominent business figures with significant global assets—marks a notable concession. This follows a pattern of selective exemptions in EU sanctions policy, where economic and geopolitical considerations often shape enforcement. The exemption raises questions about the consistency of the EU’s sanctions regime, particularly as other nations, including the U.S., continue to impose penalties on Russian energy imports. The move also underscores Luxembourg’s position as a financial hub with leverage in shaping EU-wide decisions, given its status as a major centre for cross-border investments and corporate governance. Critics argue that such exemptions weaken the deterrent effect of sanctions, while supporters contend that targeted relief can serve broader diplomatic goals. The decision comes amid ongoing tensions over Russia’s war in Ukraine and the EU’s struggle to balance economic interests with geopolitical pressures.
The European Union has removed Alisher Usmanov and Mikhail Fridman from its sanctions blacklist, a decision directly influenced by diplomatic pressure from France and Luxembourg. The move, announced on September 22, came as part of a broader agreement to extend sanctions on approximately 3,000 other individuals and entities for an additional three years.
The decision reflects a strategic compromise within the EU, where Luxembourg’s financial and political influence played a key role in securing the exemption for the two Russian oligarchs. While the EU maintains sanctions on a vast majority of Russian-linked figures, the removal of Usmanov and Fridman—both prominent business figures with significant global assets—marks a notable concession. This follows a pattern of selective exemptions in EU sanctions policy, where economic and geopolitical considerations often shape enforcement.
The exemption raises questions about the consistency of the EU’s sanctions regime, particularly as other nations, including the U.S., continue to impose penalties on Russian energy imports. The move also underscores Luxembourg’s position as a financial hub with leverage in shaping EU-wide decisions, given its status as a major centre for cross-border investments and corporate governance.
Critics argue that such exemptions weaken the deterrent effect of sanctions, while supporters contend that targeted relief can serve broader diplomatic goals. The decision comes amid ongoing tensions over Russia’s war in Ukraine and the EU’s struggle to balance economic interests with geopolitical pressures.
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