EU Exempts Russian Billionaires Usmanov and Fridman from Sanctions in Renewal Deal

BRUSSELS — September 22, 2026

The European Union (EU) has officially decided to exempt Russian billionaires Alisher Usmanov and Mikhail Fridman from sanctions during its latest renewal deal, a development confirmed on September 22, 2026. This decision has raised eyebrows and sparked discussions regarding the EU’s approach to its ongoing sanctions regime against Russia, particularly in light of the geopolitical tensions stemming from the ongoing conflict in Ukraine.

Usmanov and Fridman, both influential figures in the Russian business landscape, have been under EU sanctions since 2022 due to their close ties to the Kremlin and their alleged support for the Russian government amid the Ukraine crisis. The decision to exempt them is part of a broader strategy by the EU to recalibrate its sanctions framework, which has been in place for several years.

The trigger for this significant policy shift appears to be a combination of economic pressures within the EU and diplomatic considerations. As the EU grapples with rising energy prices and inflation, there is increasing scrutiny on the effectiveness of sanctions as a tool for influencing Russian behavior. The exemption of these two billionaires could be seen as an attempt to foster a more pragmatic approach to relations with Russia, especially as the EU seeks to balance its economic interests with its political objectives.

This decision has significant implications for various stakeholders. For Usmanov and Fridman, the lifting of sanctions could restore their ability to engage in international business activities, potentially revitalizing their investments and financial interests across Europe. For the EU, this move may reflect a shift in strategy aimed at mitigating economic fallout while navigating complex diplomatic waters.

Currently, the EU’s decision is receiving heightened attention as it signals a potential thaw in relations with Russia, which could have broader implications for international diplomacy and economic policy. Observers are closely monitoring how this exemption will affect the EU’s stance on sanctions moving forward, particularly as the conflict in Ukraine continues to evolve.

Looking ahead, the EU may face pressure from member states and international allies to justify this exemption. Future discussions regarding sanctions could lead to further adjustments, either tightening or loosening restrictions based on the geopolitical landscape. The implications of this decision will likely unfold in the coming weeks as the EU assesses the impact of its renewed sanctions policy on both its internal economy and its external diplomatic relations.

Source: Bloomberg.com