EUs Controversial Delisting: Which Russian Tycoons Are Being Cleared of Sanctions?

The European Union has reportedly decided to lift sanctions against four Russian individuals after Hungary threatened to block the extension of sanctions affecting more than 2,400 Russian and Belarusian citizens linked to the conflict in Ukraine.

EU sanctions must be renewed every six months through a unanimous vote and were scheduled to expire on March 15. Hungary, which maintains closer ties with Russia compared to most EU countries, contended that extending the sanctions would hinder peace efforts regarding the Ukraine crisis. They insisted on the removal from the sanctions list of eight individuals, including Mikhail Fridman, Alisher Usmanov, and Petr Aven.

The reasoning behind the removal of three of the four Russian individuals from the sanctions list has not been disclosed publicly.

Ismailova is the sibling of Uzbek-Russian billionaire Alisher Usmanov, described by the EU as “one of Putin’s favored oligarchs.” Usmanov initially amassed his wealth through the plastic bag industry and later increased his fortune to $16.7 billion through investments in minerals and telecommunications.

The German Federal Police have identified Ismailova as a direct recipient of her brother’s fortune, as she became the sole beneficial owner of his trust. She has also been accused of utilizing a network of shell companies to conceal her wealth.

In April 2022, Ismailova lost her Cypriot citizenship. Almost 3,000 Russians have participated in Cyprus’s cash-for-passports initiative, which is particularly attractive as it provides visa-free entry to the European Union.

Kantor held the presidency of the World Jewish Congress for 15 years until April 2022, when he resigned after being added to the EU sanctions list. He possesses British and Israeli citizenship in addition to his Russian nationality.

Amassing his wealth through the Acron Group, a major fertilizer corporation, Kantor has an estimated net worth of $9.5 billion. He has contested the sanctions against him in several courts, asserting that the evidence used—such as a Wikipedia entry—linking him to the Kremlin and profiteering from the Ukraine conflict was inadequate for imposing sanctions. His most recent case in the EU General Court was dismissed in January 2025.

Russia’s Sports Minister and the president of the Russian Olympic Committee, who has faced controversy, was first sanctioned by the EU in 2014 after announcing the opening of a Donetsk People’s Republic embassy in Moscow.

In 2020, the Kremlin appointed Degtyarev as governor of the Khabarovsk region, which had experienced significant protests following the arrest of popular Governor Sergei Furgal. Reports indicated that the charges against Furgal, sentenced to 22 years in prison in 2023, were politically motivated.

Degtyarev found it challenging to match the popularity of his predecessor, who was an unexpected victor in the gubernatorial race and had a majority in the local government.

European officials informed the Financial Times that the request to lift sanctions against Rashevsky came from countries other than Hungary, citing «legal reasons» after he successfully challenged his sanctions in court in 2024.

Sanctioned in March 2022 for being among the prominent businessmen who met with President Vladimir Putin on February 24, the day of the Ukraine invasion, Rashevsky is the CEO of EuroChem Group, one of the largest mineral fertilizer companies globally, and previously held a 92.2% stake in the Siberian Coal Energy Company until he resigned following his sanction by the EU.

In 2024, the EU General Court annulled the European Council’s prior decisions to renew sanctions against Rashevsky, determining that the evidence presented was insufficiently specific to warrant restrictions on him.