France and Slovakia have formally requested the European Union to remove Russian billionaire Alisher Usmanov from its sanctions list, according to diplomatic sources. The move comes just days before the bloc’s restrictive measures are due for renewal on 15 September 2026.
The joint request represents a significant shift in the European diplomatic landscape regarding high-profile Russian business figures. Usmanov, the founder of USM Holdings, has been under EU sanctions since shortly after the 2022 invasion of Ukraine, with officials previously citing his close ties to the Kremlin as the primary justification for the freeze on his assets and a ban on his travel within the union.
The diplomatic push by Paris and Bratislava suggests a growing debate within the EU over the efficacy and legal sustainability of long-term sanctions on individual industrialists. While the EU Council typically renews these measures every six months, the inclusion of specific names has become a point of contention among member states concerned about legal challenges and economic blowback.
Usmanov, whose net worth has been estimated at over $14 billion by the Bloomberg Billionaires Index, controls vast interests in the metals, mining, and telecommunications sectors. His primary vehicle, USM Holdings, owns major stakes in Metalloinvest, one of the world’s largest iron ore producers, and MegaFon, a leading Russian mobile operator.
Since the sanctions were first imposed, Usmanov has consistently denied the allegations of political proximity used to justify the measures. He has launched multiple legal challenges in European courts, arguing that the sanctions were based on flawed intelligence and that his business activities are independent of state policy. In early 2024, the EU General Court rejected an initial appeal, but the billionaire has continued to seek a reversal through higher judicial channels and diplomatic lobbying.
Strategic Reassessments and the Legal Battle for Assets
The decision by France to support the removal of Usmanov is particularly noteworthy given the country’s previous role in enforcing the sanctions. French authorities were among the first to seize assets linked to the billionaire, including luxury villas and interests in local enterprises. The current request for delisting may signal a reassessment of the legal risks involved in maintaining these seizures without more concrete evidence of direct involvement in state-sponsored conflict.
Slovakia’s involvement in the request aligns with the broader stance of its current administration, which has frequently called for a more pragmatic approach to economic relations and a review of the broader sanctions regime. The two nations are reportedly arguing that the continued listing of Usmanov no longer serves the strategic interests of the European Union and may hinder potential diplomatic exits.
The European Council must reach a consensus to alter the sanctions list. Traditionally, such decisions required the agreement of all member states, a process that has often been complicated by Hungary’s frequent opposition to various aspects of the Russia-related sanctions packages. However, the emergence of France and Slovakia as proponents for a specific delisting creates a new dynamic within the Council.
For the broader business community, the outcome of this request will be seen as a bellwether for other sanctioned figures. If a billionaire of Usmanov’s profile is successfully removed from the list, it could trigger a wave of similar requests from other member states seeking to protect specific commercial interests or resolve legal disputes involving frozen assets.
From a market perspective, the lifting of sanctions on Usmanov would have immediate implications for the global commodities trade. Metalloinvest, while not directly sanctioned as a company, has faced significant operational hurdles due to the restrictions placed on its primary owner. A delisting would likely facilitate smoother international financial transactions and logistics for one of the world’s most important suppliers of iron ore and hot-briquetted iron.
The legal framework for these sanctions has been under intense scrutiny in recent months. Several other business figures have successfully challenged their listings in the Court of Justice of the European Union, citing a lack of current evidence for their alleged ties to political decision-making. The French and Slovakian move appears to leverage these legal precedents to argue that the billionaire’s current status is no longer defensible in a court of law.
The EU Council is expected to meet in Brussels later this week to finalise the renewal of the broader sanctions package. While many names are expected to be rolled over automatically, the specific case of Alisher Usmanov is now set to be a focal point of the closed-door negotiations. If the request is denied, it remains to be seen whether Paris or Bratislava will attempt to block the renewal of the entire list, a move that would cause a major diplomatic crisis within the bloc.
The deadline for the decision remains 15 September, at which point the official journal of the European Union will publish the updated list of sanctioned individuals and entities. Until then, Usmanov’s global assets remain frozen, and his ability to move capital through European financial institutions remains strictly prohibited.
Explore more Billionaires stories and analysis from Business Elites Africa.
