EU plans lifting of sanctions against Russian oligarchs

Resistance from several member states

Diplomatic circles emphasize that the lifting should not be equated with a fundamental political rapprochement with Moscow. Rather, it is about compliance with the rule-of-law standards that the Court of Justice of the European Union had called for in earlier rulings. The EU had repeatedly stressed that individual sanctions would be reviewed regularly.

Headwind is coming from several capitals. France, Slovakia and the Baltic states, including Latvia, are said to have expressed concerns about a complete lifting. In particular, the role of those affected as supporters of Putin's political environment is at the center of the reservations. Some governments are demanding that the list instead be expanded to include further persons.

Observers point out that Fridman had attempted in the past to publicly distance himself from Russian actions in Ukraine. After the start of the war, he had called for an «immediate end» to the fighting. Usmanov was active, among other things, in the international sports business through various corporate structures.

Economic dimension

Economic interdependencies also play a role in the background talks. Assets such as real estate, shareholdings and bank accounts in the EU have been frozen for years. A release would reopen access to the European capital market for those affected, which is meeting resistance from some member states.

Legal experts point out that sanctions lists in the EU are generally time-limited and require regular extension. Should the EU member states decide against an extension, the measures would end automatically. Such a course of action would be politically and legally unusual, but is considered conceivable according to the assessment of several legal experts.

Reactions and next steps

The Ukrainian government had repeatedly appealed to the EU in the past to maintain existing sanctions against Russian oligarchs. Should Brussels lift parts of the list, this could further strain diplomatic relations with Ukraine. No official statement from Kyiv on the latest reports was initially available.

The EU High Representative did not wish to comment publicly on the ongoing consultations. A spokesperson pointed out that sanctions decisions are taken exclusively by the member states in the Council. The next consultations on this are scheduled to take place next week.

Regardless of the outcome, the process is likely to reinvigorate the debate over the effectiveness of European sanctions policy. Critics accuse the EU of undermining the sanctions architecture with legal quibbles. Advocates of a review argue that only legally sound measures can endure in the long term.