EU Drops Sanctions on Usmanov, Fridman to Preserve Broader Russia Penalty Regime

The European Union preliminarily agreed to lift sanctions on Russian billionaires Alisher Usmanov and Mikhail Fridman, conceding to pressure from France and Luxembourg to secure a three-year extension of broader penalties on nearly 3,000 Russian businessmen, politicians and companies, the Irish EU presidency said. The deal, which removes the need for six-monthly renewals, was opposed by Latvia, whose Prime Minister Andris Kulbergs abstained on the final vote. He said the trade-off was "between a bad and a much worse one." France sought Usmanov's removal as part of a potential agreement with Azerbaijan to free detained French nationals; Luxembourg pushed to repeal Fridman's penalties over his arbitration claim against the country. Usmanov, 73, is Russia's seventh-richest person at $16.7 billion; Fridman, 62, ranks 14th at about $10 billion, per the Bloomberg Billionaires Index. Formal sign-off is expected shortly.