EU renews Russia sanctions, drops Russian billionaires Usmanov and Fridman

EU envoys agreed to drop two billionaires from its Russian sanctions list and to roll over the remaining 3,000 individuals and entities for three years after Latvia dropped its veto, EU diplomats said on Tuesday.

EU envoys had earlier agreed to remove the Russian billionaires Alisher Usmanov and Mikhail Fridman in exchange for a three-year renewal, but Latvia was the last holdout in an unusually fraught process.

Sanctions require unanimity among EU countries to be approved and, previously, Russia designations were up for renewal every six months. Latvia ultimately abstained, diplomats said, which allowed the deal to pass.

EU sanctions decision awaits formal written procedure

The decision will only be formally adopted once a process known as a written procedure has been completed.

Earlier this month, France shocked other EU members when it pushed for Russian-Uzbek metals tycoon Usmanov to be removed from EU sanctions, citing national security concerns. Luxembourg then demanded the same treatment for Fridman, who has launched a $16 billion claim against the country.