In the long and fractured effort to hold Russia accountable for its war in Ukraine, the European Union has extended its sanctions regime through 2029 — a gesture of resolve — while quietly removing two of Russia's most powerful oligarchs from its restrictions list. The concessions to France and Luxembourg, driven by national legal and diplomatic pressures, reveal how the architecture of collective punishment bends under the weight of individual state interests. For Ukraine, watching from the front lines, the message carried by this compromise is not one of unity, but of fracture — a reminder t
EU lifts sanctions on Russian oligarchs Usmanov and Fridman in controversial compromise
Wars end through resolve and strength, not concessions to aggressors.
Mark
So the EU extended sanctions for three years instead of six months—that sounds like a win for consistency. Why is Ukraine so angry?
Mimi
Because the price of that consistency was delisting two oligarchs with $14 to $16 billion in assets each. Usmanov and Fridman are not minor figures; they're close to Putin and control major financial and telecom infrastructure in Russia.
Luke
But we should be clear about what we actually know versus what's being reported. France cited "national security" but gave no details. The prisoner exchange theory comes from diplomatic sources, not official statements. That's important.
Mark
So France might have had a legitimate reason we don't know about?
Mimi
Possibly. But from Ukraine's perspective, the optics are terrible. They're fighting for survival, and two of Russia's richest men just got cleared to operate again.
Luke
And Luxembourg's situation is even murkier. Fridman is suing them for €15 billion over frozen assets. Is that why they pushed for his delisting, or is there another reason? The reporting doesn't say.
Mark
Did anyone else try to block this?
Mimi
The reporting doesn't tell us which countries opposed it or how close the vote was. We know France and Luxembourg pushed for it, but not the full picture of who stood where.
Luke
That's a real gap. Unanimity was required, so technically every country had veto power. But we don't know if others fought hard or just accepted it.
Mark
What happens now?
Mimi
Ukraine is asking EU countries to sanction them individually. Whether anyone will is the open question. The delisting is done at the bloc level, but national sanctions could still apply.
Luke
And that's where the real story might go next—whether this compromise actually holds or whether it fractures under pressure.
Der Puls
- The EU's hard-won 36-month sanctions extension, meant to signal durability and resolve, was purchased at the price of delisting two billionaires with direct ties to Vladimir Putin.
- France's opaque 'national security' rationale for removing Usmanov — reportedly linked to a prisoner exchange involving Azerbaijan — and Luxembourg's €15 billion legal exposure over Fridman's frozen assets exposed how member states can quietly reshape bloc-wide policy.
- Ukraine's Foreign Minister called the move 'shameful and unjustifiable,' and President Zelenskyy warned that conceding to an aggressor's inner circle signals weakness, not diplomacy.
- Kyiv is now urging individual EU nations to impose their own national sanctions on Usmanov and Fridman, attempting to close the gap left by the bloc's compromise.
- With roughly 3,000 other Russian individuals and entities still sanctioned, the deal holds — but it is the two names removed, not the thousands retained, that define what this moment means.
In the long and fractured effort to hold Russia accountable for its war in Ukraine, the European Union has extended its sanctions regime through 2029 — a gesture of resolve — while quietly removing two of Russia's most powerful oligarchs from its restrictions list. The concessions to France and Luxembourg, driven by national legal and diplomatic pressures, reveal how the architecture of collective punishment bends under the weight of individual state interests. For Ukraine, watching from the front lines, the message carried by this compromise is not one of unity, but of fracture — a reminder that even shared values can be traded away in the corridors of negotiation.
On Tuesday, the European Union struck a compromise that extended its Russia sanctions regime through September 2029 — a meaningful shift from the contentious six-month renewal cycles that had repeatedly threatened to unravel the bloc's unity. But the deal carried a concession that Kyiv found deeply troubling: the removal of oligarchs Alisher Usmanov and Mikhail Fridman from the EU's sanctions list.
The delisting did not happen in the open. France pushed quietly for Usmanov's removal, citing national security concerns that officials declined to explain publicly. Diplomatic sources pointed to a potential prisoner exchange involving French nationals held in Azerbaijan, a country whose leadership has long maintained close ties to Usmanov. Luxembourg, for its part, backed Fridman's delisting — a move widely connected to the €15 billion lawsuit Fridman had filed against the country over his frozen assets.
Both men are figures of enormous financial weight. Usmanov, worth roughly $14 billion, controls major telecom and metals holdings including MegaFon, one of Russia's largest mobile operators. Fridman, with a net worth around $16 billion, founded Alfa Group and Alfa Bank — Russia's largest private commercial bank — and co-founded the Luxembourg-based investment firm LetterOne before stepping down from its board when sanctions hit in 2022.
Ukraine's reaction was immediate and unsparing. Foreign Minister Andrii Sybiha called the decision shameful, arguing it handed Moscow a visible demonstration of European division. President Zelenskyy warned that wars are not ended through concessions to an aggressor's entourage, even as he acknowledged the EU Commission President's willingness to add new Russian names to the list.
Kyiv is now pressing individual EU member states to impose national-level sanctions on both men — an effort to restore pressure that the bloc-wide compromise has released. Whether any country steps forward remains to be seen. The broader sanctions architecture, covering some 3,000 Russian individuals and entities, remains intact. But it is the two names quietly removed that have come to define this moment — a testament to how collective resolve, under enough pressure, can quietly reshape itself.
The European Union reached a compromise on Tuesday to extend its sanctions regime against Russia, but the deal came with a cost that Kyiv found unacceptable: the removal of two major Russian oligarchs from the sanctions list. Alisher Usmanov and Mikhail Fridman, both billionaires with deep ties to Vladimir Putin, will no longer face EU restrictions after the bloc's member states agreed to lift their designations as part of a broader negotiation.
The sanctions extension itself represents a significant shift in how the EU manages its Russia policy. Rather than renewing restrictions every six months—a process that had repeatedly triggered contentious negotiations—the bloc agreed to lock in sanctions for 36 months, extending through September 2029. This longer timeline was meant to provide stability and avoid future deadlocks. But the price of that stability was the delisting of Usmanov and Fridman, a concession that emerged only after weeks of behind-the-scenes pressure from two EU member states.
France pushed hardest for Usmanov's removal, citing what officials described as "national security" concerns. The French government offered no public explanation for the decision, but diplomatic sources pointed to a potential prisoner exchange involving French nationals held in Azerbaijan—a country whose leadership maintains close ties to Usmanov. Luxembourg, meanwhile, championed Fridman's delisting. Sources indicated the move was connected to a €15 billion lawsuit Fridman filed against Luxembourg over his frozen assets, a legal action that has hung over the country since EU sanctions were imposed.
Both men are among Russia's most prominent oligarchs. Usmanov, born in Uzbekistan, built his wealth in metals and telecommunications. He controls USM, a major holding company, and owns MegaFon, one of Russia's largest mobile phone operators. His net worth stands at approximately $14 billion. Fridman, with a net worth around $16 billion, made his fortune as founder and shareholder of Alfa Group, which includes Alfa Bank—Russia's largest private commercial bank. He also co-founded the Luxembourg-based investment firm LetterOne, stepping down from its board in 2022 when EU sanctions took effect.
Ukraine's response was swift and unsparing. Foreign Minister Andrii Sybiha called the delisting "shameful and unjustifiable," arguing that Moscow had won exactly what it sought: a demonstration of European division and a signal of impunity. President Volodymyr Zelenskyy echoed the criticism on social media, warning that "wars end through resolve and strength, not concessions to the aggressor's entourage." He did acknowledge gratitude toward EU Commission President Ursula von der Leyen for her willingness to add more Russian names to the sanctions list, but the broader message was one of disappointment.
Kyiv has called on individual EU member states to impose their own national sanctions on Usmanov and Fridman, a move that would circumvent the bloc-wide delisting. The question now is whether any EU country will take that step, or whether the compromise will hold as the final word on these two oligarchs' status. The deal also extends sanctions to roughly 3,000 other Russian individuals, entities, and companies, but it is the removal of these two names that has defined the moment—a reminder that even in wartime, the interests of individual member states can reshape the collective response.
Bemerkenswerte Zitate
Moscow is celebrating because it got what it wanted: a sense of impunity, the humiliation of the EU, and division among Europeans.— Ukrainian Foreign Minister Andrii Sybiha
Wars end through resolve and strength, not concessions to the aggressor's entourage.— President Volodymyr Zelenskyy
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