The European Union appears poised to remove Alisher Usmanov and Mikhail Fridman from its sanctions list, a decision that could unravel years of coordinated pressure against Russian oligarchs. The move follows tense negotiations where the entire sanctions framework, first imposed in 2022, nearly collapsed.
Slovakia led the push to strip the two men from the list. Meanwhile, France held the latest sanctions renewal hostage. Paris reportedly demanded Usmanov’s delisting because Azerbaijan conditioned the release of two French prisoners on that concession, according to the Financial Times.
Both oligarchs carry extensive ties to the Kremlin. Usmanov, born in Uzbekistan in 1953, faced an eight-year prison sentence in 1980 for bribery. Uzbekistan’s Supreme Court later ruled the case fabricated. The EU sanctioned him in 2022, describing him as a pro-Kremlin business leader with particularly close ties to Vladimir Putin.
Regulators also accused Usmanov of fronting for Putin and managing financial flows dependent on presidential favor. Former President Dmitry Medvedev allegedly enjoyed luxurious residences controlled by Usmanov. The oligarch served as president of the International Fencing Federation from 2008 until stepping down amid Russia’s full-scale invasion.
Forbes ranked Usmanov as Russia’s wealthiest person from 2012 to 2014. By 2026, his estimated net worth reached $14.5 billion. His holdings include Metalloinvest, a mining conglomerate the EU identifies as a major state revenue source. Ukrainian officials have linked Metalloinvest subsidiaries to tank manufacturer Uralvagonzavod.
Usmanov also co-owns the Udokan copper field, Russia’s largest. Other assets include mobile operator Megafon and formerly VK Group, which controls Vkontakte and Odnoklassniki. He acquired Vkontakte in 2014 after founder Pavel Durov fled Kremlin pressure. Usmanov also bought Kommersant newspaper in 2006, bringing its editorial policy under government influence.
Fridman, born in Lviv in 1964, holds Russian and Israeli citizenship. He founded Alfa Group, with interests spanning banking and energy. During the 1990s, he belonged to the semibankirshchina, seven oligarchs who bankrolled Boris Yeltsin’s re-election.
The EU sanctioned Fridman in 2022, citing his cultivation of strong ties to Putin’s administration. AlfaStrakhovanie, an Alfa Group subsidiary, insures Rosgvardia vehicles operating in occupied Ukrainian territories. X5 Retail Group cooperates with Voentorg, which supplies Russian forces with catering, uniforms, and laundry services.
A Ukrainian court charged Fridman in 2023 with financing Russia’s war effort. Authorities alleged he directed roughly 2 billion rubles through Alfa Group assets to defense plants. As of 2026, Forbes ranked him Russia’s ninth richest businessman with a net worth of $16.5 billion.
Delisting both men would mark a significant victory for Moscow’s influence campaign across European capitals.
