EU Renews Russia Sanctions; Usmanov and Fridman Removed from List

The European Union has decided to renew its sanctions package against Russia. According to Reuters, in the new regulation, Russian billionaires Alisher Usmanov and Mikhail Fridman have been removed from the sanctions list. The renewal of sanctions reflects the EU's will to maintain its existing restrictive measures against Russia. However, the removal of the two businessmen from the list indicates that targeted changes are being made to the sanctions regime. Usmanov and Fridman had previously been subject to EU sanctions such as asset freezes and travel bans. The removal of these names from the list will change the status of the individuals concerned under the sanctions. The EU's decision is considered part of the process of reviewing sanctions against Russia. Updates to sanctions lists are implemented by the joint decision of EU member states. Not investment advice.