Europe lifts sanctions against two Russians

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Published: 2026-09-23T08:36:45.416Z • Permanent link

European Union officials have agreed to remove Russian billionaires Alisher Usmanov and Mikhail Fridman from the EU's sanctions list, while extending restrictions on nearly 3,000 individuals and companies linked to Russia's war in Ukraine. This development marks a significant shift in the bloc's approach to its relations with Russia, and it is likely to have far-reaching implications for the global economy. Usmanov, a prominent Russian oligarch, has been a key player in the country's tech industry, while Fridman has significant interests in various sectors, including energy and finance.

The move is seen as a response to growing pressure on the EU to ease its sanctions, which have had a significant impact on Russia's economy. In recent months, several EU member states have called for a more nuanced approach to sanctions, arguing that they are having unintended consequences, such as driving economic activity underground. The decision to remove Usmanov and Fridman from the sanctions list is likely to be seen as a compromise between these competing views. EU officials have stated that the decision was made in consultation with member states and in line with the bloc's overall strategy for engaging with Russia.

The implications of this decision are likely to be felt across a range of sectors, from tech to energy. Companies with ties to Usmanov and Fridman, such as the Russian tech firm Yandex, are likely to benefit from the removal of sanctions. However, it is unclear how this will affect the broader EU-Russia relationship, which has been strained in recent years. The decision is also likely to be seen as a signal that the EU is willing to engage in more constructive dialogue with Russia, potentially paving the way for new economic and diplomatic initiatives.

The removal of Usmanov and Fridman from the EU sanctions list is likely to have significant practical consequences for research communities, markets, and policy environments. Companies with ties to the two billionaires are likely to see an increase in investment and activity, which could have a positive impact on the global economy. However, the decision also raises concerns about the potential for Russia to exploit loopholes in the sanctions regime, which could undermine the EU's efforts to hold the country accountable for its actions.

The implications of this decision are also likely to be felt in the tech sector, where companies such as Yandex have significant interests. The removal of sanctions is likely to make it easier for these companies to access European markets and to collaborate with Western firms, which could have a positive impact on innovation and economic growth. However, it also raises concerns about the potential for Russian tech companies to exploit Western intellectual property and technology, which could undermine the EU's efforts to protect its interests.

The EU's decision to remove Usmanov and Fridman from the sanctions list is part of a larger pattern of shifting approaches to engagement with Russia. In recent years, the EU has taken a more nuanced view of its relations with Russia, recognizing the need to balance its concerns about Russian behavior with the need to engage with the country in a constructive and pragmatic way. This approach has been influenced by a range of factors, including the need to promote economic growth and stability in Europe, as well as the desire to address pressing global challenges, such as climate change and pandemics.