EU renews Russia sanctions, drops Russian billionaires Usmanov and Fridman

Jerusalem Post/World NewsLatvia dropped its veto, clearing the way for the EU to remove Usmanov and Fridman from sanctions and extend remaining Russia measures for three years.Follow us on GoogleAlisher Usmanov 390(photo credit: reuters)SEPTEMBER 22, 2026 18:54EU envoys agreed to drop two billionaires from its Russian sanctions list and to roll over the remaining 3,000 individuals and entities for three years after Latvia dropped its veto, EU diplomats said on Tuesday.EU envoys had earlier agreed to remove the Russian billionaires Alisher Usmanov and Mikhail Fridman in exchange for a three-year renewal, but Latvia was the last holdout in an unusually fraught process.Sanctions require unanimity among EU countries to be approved and, previously, Russia designations were up for renewal every six months. Latvia ultimately abstained, diplomats said, which allowed the deal to pass.Russian billionaire and businessman, Alfa Group owner Mikhail Fridman attends the International Leadership Reunion, hosted by Jewish Federation of North America and Keren Hayesod for the people of Israel, in Moscow's Four Seasons Hotel, Russia, September,17,2019. (credit: Mikhail Svetlov/Getty Images)EU sanctions decision awaits formal written procedureThe decision will only be formally adopted once a process known as a written procedure has been completed.Earlier this month, France shocked other EU members when it pushed for Russian-Uzbek metals tycoon Usmanov to be removed from EU sanctions, citing national security concerns. Luxembourg then demanded the same treatment for Fridman, who has launched a $16 billion claim against the country.Follow us on Google