EU fails to agree on lifting sanctions on Russian oligarchs

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-22T02:23:28.818Z • Permanent link

Diplomats from EU member states gathered in Brussels on Monday to discuss a potential deal to lift sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, but talks ultimately broke down. The two oligarchs, who have been subject to EU sanctions since 2014, have been major players in the Russian steel industry, with Usmanov controlling Metallurgische Union Düsseldorf (MUD) and Fridman holding a significant stake in Severstal, the country's largest steel producer. According to sources, the EU's position is that lifting sanctions would undermine the bloc's efforts to hold Russia accountable for its actions in Ukraine.

Negotiations between EU diplomats and their Russian counterparts have been ongoing for months, with multiple rounds of talks taking place in various locations around the world. However, disagreements over the terms of any potential deal have persisted, with some EU countries pushing for more stringent conditions to be attached to the lifting of sanctions. Meanwhile, Russia has insisted that any agreement should be unconditional, with Moscow viewing the sanctions as an attempt to strangle its economy. According to a recent report from the European Commission, the EU's sanctions have had a significant impact on Russia's steel industry, with production levels down by over 20% since the sanctions were imposed.

Key data points suggest that the lifting of sanctions could have significant implications for the global steel market. According to a report from the International Iron and Steel Institute, the removal of sanctions could lead to a surge in steel production in Russia, with some estimates suggesting that output could increase by as much as 50% in the coming years. This, in turn, could have a significant impact on global steel prices, with some analysts predicting that prices could fall by as much as 10% in the coming months.

Lifting sanctions on Usmanov and Fridman could have significant implications for the global steel market, with some analysts predicting that prices could fall by as much as 10% in the coming months. However, this could also have broader implications for companies that rely on Russian steel imports, with some research communities warning that a surge in Russian steel production could lead to increased competition in the global market. For example, a recent report from the European Steel Industry Federation warned that the lifting of sanctions could lead to a surge in imports of Russian steel, which could put pressure on European steel producers and lead to job losses.

European steel companies have been major beneficiaries of the EU's sanctions on Russia, with many firms benefiting from the surge in demand for steel in the wake of the conflict in Ukraine. However, some analysts warn that the lifting of sanctions could lead to a reversal of this trend, with some firms potentially being forced to raise prices or reduce production in order to compete with cheaper Russian steel. For example, a recent report from the Financial Times warned that the lifting of sanctions could lead to a "steel price war" in Europe, with some firms potentially being forced to cut prices in order to remain competitive.

The EU's decision not to lift sanctions on Usmanov and Fridman is just the latest development in a broader pattern of competing approaches to dealing with Russia's actions in Ukraine. In recent months, there have been reports of divisions within the EU over the bloc's response to Russia's actions, with some member states pushing for a more aggressive approach and others advocating for a more measured response. Meanwhile, in the United States, there have been reports of a shift towards a more hawkish approach to dealing with Russia, with some analysts warning that the country's sanctions regime is not doing enough to hold Russia accountable for its actions.