Hungary threatens to block EU sanctions renewal over Russian oligarch’s inclusion

Hungary has threatened to block the European Union's renewal of sanctions on nearly 2,000 Russians unless oligarch Mikhail Fridman is removed from the sanctions list.

The travel restrictions and asset freezes imposed on individuals believed to have supported Russia’s war on Ukraine are set to expire on March 15 unless all 27 EU member states agree to extend them for another six months, Caliber.Az reports via foreign media.

Hungary’s ambassador to the EU has insisted that Fridman, who made his fortune in Russia before relocating to London, be removed from the sanctions list as a condition for Budapest agreeing to the rollover of all other sanctions.

This demand comes after days of talks that have failed to reach a compromise. The Baltic region, known for its strong support of Ukraine, opposes any weakening of the EU's sanctions, particularly ahead of potential ceasefire talks brokered by the US.

Hungary, led by the Prime Minister Viktor Orbán, has been a vocal critic of the EU’s sanctions and has repeatedly threatened to block, delay, or dilute measures against Moscow. Luxembourg is supporting Hungary's request to have Fridman removed from the list, according to three officials familiar with the discussions.

Fridman, who last year filed a lawsuit against Luxembourg seeking $15.8 billion in sanctions-related damages, initially offered limited criticism of President Putin's invasion of Ukraine before distancing himself from the West and returning to Moscow in October 2024. The oligarch, who had a business presence in Russia through his London-based firm LetterOne, remains under EU sanctions despite a legal victory in April 2024 that found the EU had insufficient evidence to support his inclusion on the sanctions list.

Fridman and his business partner Petr Aven are also challenging a second round of sanctions imposed in 2023, related to their business interests in Russia. Both have since sold their stakes in Russia’s Alfa-Bank, hoping this move would help them meet the criteria to be delisted.

By Vafa Guliyeva