EU agrees to lift sanctions on 2 major Russian oligarchs

European Union member states agreed Tuesday to remove Russian billionaires Alisher Usmanov and Mikhail Fridman from its sanctions list, according to diplomatic sources cited by the Politico news outlet.

EU capitals reached the agreement after France pushed for the removal of Usmanov, while Luxembourg had previously sought the delisting of Fridman.

The decision followed more than a week of disagreements among EU member states on the renewal of individual sanctions against roughly 3,000 people and entities linked to Russia.

Slovakia and France favored lifting sanctions against Usmanov, but Slovakia, Hungary and Luxembourg favored lifting sanctions against Fridman, according to reports.

Five diplomats told Politico that the agreement was reached after Latvia, which had opposed the move, agreed to abstain.

The sanctions list is expected to remain in place for three years, effectively postponing further discussions on individual listings until 2029.

France had backed Usmanov's delisting, citing a "specific national security issue," according to a French diplomatic official cited by the Washington Post.

Earlier Tuesday, Estonia's Foreign Ministry Deputy Secretary General Kerli Veski told the ERR broadcaster that there was no justification for removing the two men from the EU sanctions list.

Veski also said Estonia, Latvia and most other EU member states opposed removing the billionaires from the sanctions list.

Usmanov and Fridman are Russian billionaires with extensive business interests in Europe.

Usmanov made his fortune in metals, mining, telecommunications and technology. Russian-Israeli Fridman built his wealth through banking, energy and investments.

Both have faced EU sanctions since the start of the war in Ukraine.

Their assets in Europe have been affected by the sanctions, and both have challenged restrictions through legal and political channels.

Commenting on the decision on US social media company X, Ukrainian Foreign Minister Andrii Sybiha defined the move as "shameful and unjustifiable," urging all EU member states to announce they will impose their own national sanctions on the men.

Kremlin spokesman Dmitry Peskov said at a media briefing that Moscow viewed the sanctions on Usmanov and Fridman as "illegal" and that sanctions should be lifted for all Russian citizens.