EU renews Russia sanctions, drops Russian billionaires Usmanov and Fridman

EU ​envoys agreed to ​drop two billionaires ‌from its ​Russian sanctions list and to rollover the remaining ‌3,000 individuals and entities for three years, 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 ⁠hold-out ​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. 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.