Usmanov–Fridman concessions spur Russian billionaires to challenge EU

After several years of living with frozen assets and facing legal battles over sanctions, many of Russia's wealthiest businesspeople do not expect to be able to shed their sanctioned status anytime soon.

Most of the billionaires and people close to them interviewed believe Alisher Usmanov and Mikhail Fridman's removal from the EU sanctions list was possible because of exceptional circumstances.

At the same time, some Russian oligarchs told the media that they plan to study the case in detail. They hope it will ultimately set a legal precedent for their own cases.

Experts interviewed noted that the Usmanov and Fridman case could indeed affect how events unfold in the EU. Investment arbitration, for example, can be used to pressure governments into reaching agreements or even removing individuals from sanctions lists.

Moreover, the report says that larger lawsuits could potentially accelerate the negotiation process.

Usmanov and Fridman have become two of the most prominent Russian citizens removed from the European Union's sanctions list. These are also the first such cases after prolonged efforts by one of the EU's key member states to secure such a decision.

What matters: France's campaign in support of Usmanov surprised other EU countries. Disputes over the issue put the continuation of nearly 3,000 sanctions measures against Russian individuals and companies at risk.

Some Russian businesspeople are currently skeptical about their own chances of escaping European sanctions.

They ironically note that they are unlikely to find European prisoners in friendly countries who could be exchanged for their own removal from sanctions lists.

As previously reported, the EU already regrets lifting sanctions on Usmanov and Fridman.

Estonia has also publicly demanded explanations from France following the controversial decision regarding the Russian oligarchs.