The European Union has agreed to remove sanctions on two billionaires, including Alisher Usmonov, from its Russia sanctions list, while extending restrictions on the remaining roughly 3,000 individuals and entities for another three years. The move came after Latvia withdrew its veto, EU officials announced on Tuesday.
EU officials had earlier agreed to delist Russian billionaires Alisher Usmonov and Mikhail Fridman in exchange for a three-year extension of the broader sanctions regime, but Latvia had blocked the deal.
Approving EU sanctions requires the unanimous consent of all member states. Russia-related restrictions had previously been renewed every six months. Diplomats said Latvia ultimately abstained, clearing the way for the agreement to go through.
The decision will formally take effect once the so-called written procedure — the EU's mechanism for adopting decisions without a formal meeting — is completed.
Lithuanian Finance Minister Taurimas Valys had earlier warned that delisting Usmonov risked making the European Union look weak. In early September, France had proposed removing the Uzbekistan-born metals magnate from the EU sanctions list, citing national security grounds.
The proposal caught other EU members off guard. Luxembourg subsequently demanded the same treatment be extended to Fridman, who has filed a $16 billion lawsuit against the country.
Stay up to date with all the latest news:
