Latvia will enact national sanctions on Alisher Usmanov and Mikhail Fridman after conceding to their removal from the broader EU sanctions list to preserve the bloc's wider sanctions regime.
Key facts
- •Latvia will abstain from the EU vote on the delisting while simultaneously implementing its own national sanctions against Usmanov and Fridman.
- •The EU sanctions package, which covers over 2,600 individuals and entities, will now be extended for three years instead of the previous six-month cycle.
- •Alisher Usmanov’s net worth is estimated at $14.5 billion as of 2026, according to Forbes.
- •Latvian Prime Minister Andris Kulbergs stated that the decision was a choice between a bad outcome and a worse one regarding the future of the EU sanctions regime.
- •The EU previously identified Metalloinvest, controlled by Usmanov, as a significant source of revenue for the Russian state.
The European Union is set to remove Russian oligarchs Alisher Usmanov and Mikhail Fridman from its sanctions list following intense negotiations. While Latvia was the only EU member state to oppose the delisting, it ultimately lifted its veto to ensure the renewal of sanctions against over 2,600 other individuals and entities. In response, the Latvian government has instructed its foreign ministry to prepare national-level sanctions to prevent the unfreezing of the oligarchs' assets within its borders.
By the numbers
Diplomatic Tensions and Negotiations
Reports indicate that France pushed for the delisting of Alisher Usmanov, with some sources suggesting the move was linked to securing the release of French prisoners held by Azerbaijan. To mitigate the impact of the EU decision, France has reportedly agreed to discuss Latvia’s inclusion in its nuclear deterrence initiative and committed to increasing its military presence in the Baltic nation.
Background of the Sanctioned Individuals
Alisher Usmanov, who controls the mining and steel conglomerate Metalloinvest, has been identified by the EU as a pro-Kremlin businessperson with close ties to Vladimir Putin. The EU has previously alleged that Usmanov managed financial flows for the Russian president and provided access to luxurious residences for former President Dmitry Medvedev. Usmanov, who was ranked by Forbes as Russia's 10th richest person in 2026 with a net worth of $14.5 billion, also previously served as president of the International Fencing Federation.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Kyiv Independent, Ukrainska Pravda (English).
