EU Nears Deal to Lift Oligarch Sanctions

EU envoys tentatively agreed on Monday to lift sanctions on businessmen Alisher Usmanov and Mikhail Fridman, according to diplomats familiar with the talks.

The delistings will go ahead provided no EU government raises a formal objection in the coming hours. The agreement is part of a broader compromise over the renewal of sanctions imposed over Russia’s war against Ukraine.

Under the deal, sanctions against thousands of other Russian individuals and entities would be extended for three years, a significant change from the shorter renewal periods previously used.

Slovakia had long pushed for Usmanov’s removal, while France recently joined the effort as part of attempts to secure the release of two French nationals detained in Azerbaijan.

Luxembourg subsequently backed Fridman’s removal. The Russian businessman is pursuing a $16bn arbitration claim against the country over assets frozen under EU sanctions.

(Reuters, max)