EU countries reach agreement on Russia sanctions: 36-month extension for over 3,000 individuals and entities

European Union (EU) member states have reached a consensus during meetings held in Brussels regarding the future of individual sanctions against Russia. According to a report by Politico, an agreement was reached to maintain restrictions on more than 3,000 individuals and entities for another 36 months.

The discussions also addressed the potential removal of businesspeople Alisher Usmanov and Mikhail Fridman from the sanctions list. It was noted that Slovakia and France supported the removal of Usmanov, a citizen of Uzbekistan and Russia with investments in sectors such as iron and steel, mining, copper, cement, telecommunications, technology, and media.

Luxembourg, meanwhile, requested the removal of Mikhail Fridman, a citizen of Russia and Israel, from the scope of the sanctions. It had been reported that Fridman, who has operations in the banking, energy, telecommunications, healthcare, and retail sectors, had initiated legal proceedings to have his frozen assets released.

Latvia, which had previously objected to the removal of Usmanov and Fridman from the list, abstained in the final vote, paving the way for the agreement. The decision is expected to be officially announced once the member states complete the written approval process.

Under the EU's individual sanctions mechanism, the assets of the individuals and entities on the list are frozen. For natural persons, a travel ban is also applied. The extension of such sanctions against Russia requires the approval of all 27 member states. Under normal circumstances, sanctions lists are renewed in six-month periods.