Switzerland Lifts Sanctions on Usmanov and Fridman After EU Deal

Switzerland has removed two prominent Russian billionaires from its sanctions list, following a disputed European Union agreement involving French diplomatic interests, a multibillion-dollar legal claim against Luxembourg and the extension of restrictions on thousands of other Russian individuals and entities.

Switzerland has lifted sanctions against Russian billionaires Alisher Usmanov and Mikhail Fridman, implementing a European Union decision that exposed divisions among European governments over the use of economic restrictions against individuals associated with the Kremlin.

The decision, announced by the Swiss Federal Council on 4 November 2026, follows the EU’s removal of both businessmen from its sanctions register on 22 September. Their delisting formed part of a broader political compromise that allowed the remaining EU individual sanctions against Russia to be extended for three years.

According to the Swiss government’s official announcement , the Federal Department of Economic Affairs, Education and Research approved the removal of six individuals and one company on 3 November. The changes took effect at 11pm on 4 November.

Alongside Usmanov and Fridman, the removals include Andrey Falaleev, a former rector of a university in Crimea, and Redbird Corporate Services Ltd.

Three additional individuals were removed following their deaths: former Russian parliamentarian Yuri Shvytkin, weapons designer Alexander Leonov and Iranian military commander Alireza Tangsiri.

The decision eliminates the Swiss asset freezes and related restrictions attached to the individuals’ designations under this sanctions regime.

A Diplomatic Compromise with Wider Consequences

The Swiss decision follows an unusually difficult round of negotiations among EU member states in September.

Under the agreement reached on 22 September, sanctions against approximately 3,000 Russian individuals and entities were extended until September 2029, replacing the practice of renewing the restrictions every six months.

However, securing the agreement required concessions involving two of Russia’s wealthiest businessmen.

France sought the removal of Usmanov, a Russian-Uzbek billionaire with extensive interests in metals and telecommunications, citing national security considerations.

According to Reuters , French officials privately linked their position to pressure from Azerbaijan, where two French nationals had been imprisoned.

European diplomats suggested that Azerbaijan had used Usmanov’s sanctions status as leverage in negotiations with Paris. Azerbaijani officials rejected allegations of such pressure, while France did not publicly confirm the reported arrangement.

On 23 September, one day after the European agreement, Azerbaijani President Ilham Aliyev pardoned French citizen Martin Ryan, who had been serving a ten-year sentence on espionage charges.

The sequence of events intensified questions whether EU sanctions could become instruments of negotiations involving third countries.

Luxembourg’s $16 Billion Dispute

Fridman’s removal followed a separate dispute involving Luxembourg.

The Russian businessman, a co-founder of Alfa Group, has pursued an arbitration claim seeking approximately $16 billion in compensation over losses allegedly resulting from sanctions.

Luxembourg supported his removal from the EU list during negotiations over the wider sanctions renewal.

The claim remains a legal demand rather than an established liability. Nevertheless, its scale illustrates the financial exposure European governments may face when sanctions are challenged through international legal proceedings.

The EU originally imposed restrictions on Usmanov and Fridman in February 2022 following Russia’s full-scale invasion of Ukraine.

Both businessmen have contested the sanctions imposed against them.

Ukraine Opposes the Delistings

Kyiv reacted sharply to the September agreement.

Ukrainian President Volodymyr Zelensky described the lifting of sanctions against individuals linked to Russia’s economic establishment as self-defeating and counterproductive.

Ukraine’s position is that restricting the international financial activities of wealthy Russian businessmen remains an important component of pressure on Moscow.

Several EU governments also expressed reservations.

Latvia initially resisted the September compromise before allowing the agreement to proceed. Estonia subsequently announced plans to impose national sanctions against Usmanov and Fridman despite their removal from the EU list.

The disagreement demonstrated the different priorities among EU member states: maintaining a unified sanctions regime, protecting national diplomatic interests and addressing legal challenges from sanctioned individuals.

Switzerland Expands Restrictions Against Russia

Despite removing Usmanov and Fridman, Switzerland simultaneously adopted substantial additional measures against Russia under the EU’s 21st sanctions package.

The measures include:

Asset freezes and financial restrictions targeting an additional 254 individuals and entities.

Transaction prohibitions involving 33 Russian banks and one bank from a third country.

Restrictions affecting 17 financial institutions and cryptocurrency service providers.

Measures targeting four Russian airports and two Russian ports.

Purchase, sale and service restrictions covering another 41 vessels associated with Russia’s shadow fleet.

Stricter export controls on 41 companies, including businesses operating outside Russia.

The government also introduced additional restrictions concerning military technology, aerospace equipment, drone manufacturing and cryptocurrency-related activities.

Switzerland further adopted measures against Belarus in response to its involvement in Russia’s war against Ukraine.

The new sectoral measures entered into force on 5 November.

The Future of European Sanctions Policy

Switzerland’s decision demonstrates the close alignment between its sanctions policy and the European Union’s restrictive measures, despite the country’s position outside the EU.

It also illustrates a distinction within European sanctions policy: the extension of broad economic pressure against Russia does not prevent individual designations from being reconsidered or removed.

The September agreement secured a longer period of sanctions continuity for thousands of listed individuals and organisations. At the same time, the negotiations showed how individual cases can become entangled with diplomatic bargaining and legal disputes.

For Ukraine, the issue extends beyond the financial circumstances of Usmanov and Fridman. The question is whether European governments can maintain a consistent approach to influential Russian business figures while balancing the competing interests of individual member states.

Switzerland’s latest decision brings that debate into renewed focus, even as Bern expands restrictions on Russia’s financial sector, military supply chains and oil transport networks.