Hungary Threatens to Block EU Sanction Extensions Unless Russian Oligarch Removed from List
Budapest demands the removal of Mikhail Fridman from the EU sanctions list as a condition for approving the renewal of sanctions against Russian nationals.
Hungary has indicated it may veto the extension of EU sanctions against approximately 2,000 Russian citizens if Mikhail Fridman, a prominent Russian oligarch, is not removed from the sanctions list.
The existing travel restrictions and asset freezes imposed on Russian politicians and businessmen believed to have supported Russia's war against Ukraine are set to expire on Saturday.
To extend these measures for an additional six months, the consensus of all 27 EU member states is required.
Sources familiar with the negotiations reported that Hungary's ambassador to the EU demanded Fridman's removal from the sanctions list as a precondition for Budapest's approval of the sanctions extension.
Meanwhile, Luxembourg has reportedly expressed support for Fridman's delisting.
Initially, Hungary sought the removal of eight names from the sanctions list, including Alisher Usmanov and Pyotr Aven, a partner of Fridman.
However, the Hungarian government ultimately eased many of its demands, insisting only on the removal of Fridman.
In 2024, Fridman and Aven won a first-instance ruling at the European Union Court, which concluded that the EU had erred in including them on the sanctions list in 2022, citing insufficient evidence of their close ties to President Vladimir Putin.
Nevertheless, the sanctions imposed in 2023 remain applicable due to their business interests in Russia.
Mikhail Fridman is one of the oligarchs closely associated with the Kremlin who amassed wealth in Russia following the dissolution of the Soviet Union in the 1990s.
According to reports, he is a co-founder of Alfa Bank, the largest non-state bank in Russia, which has also faced sanctions after Russia's invasion of Ukraine in 2022. His assets in the UK have been frozen by British authorities.
Although Fridman, who was born in Ukraine, had previously been critical of the Kremlin, he returned to Moscow in October of last year.
EU ambassadors are scheduled to negotiate in Brussels on Thursday to reach a compromise regarding the extension of the sanctions.
Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, announced nearly a month ago that Hungary would not currently agree to the extension of individual sanctions.
He attributed the decision to the presence of individuals on the list who, he argued, should not be included and stated that eight people had been identified by Hungary for potential removal.
The existing travel restrictions and asset freezes imposed on Russian politicians and businessmen believed to have supported Russia's war against Ukraine are set to expire on Saturday.
To extend these measures for an additional six months, the consensus of all 27 EU member states is required.
Sources familiar with the negotiations reported that Hungary's ambassador to the EU demanded Fridman's removal from the sanctions list as a precondition for Budapest's approval of the sanctions extension.
Meanwhile, Luxembourg has reportedly expressed support for Fridman's delisting.
Initially, Hungary sought the removal of eight names from the sanctions list, including Alisher Usmanov and Pyotr Aven, a partner of Fridman.
However, the Hungarian government ultimately eased many of its demands, insisting only on the removal of Fridman.
In 2024, Fridman and Aven won a first-instance ruling at the European Union Court, which concluded that the EU had erred in including them on the sanctions list in 2022, citing insufficient evidence of their close ties to President Vladimir Putin.
Nevertheless, the sanctions imposed in 2023 remain applicable due to their business interests in Russia.
Mikhail Fridman is one of the oligarchs closely associated with the Kremlin who amassed wealth in Russia following the dissolution of the Soviet Union in the 1990s.
According to reports, he is a co-founder of Alfa Bank, the largest non-state bank in Russia, which has also faced sanctions after Russia's invasion of Ukraine in 2022. His assets in the UK have been frozen by British authorities.
Although Fridman, who was born in Ukraine, had previously been critical of the Kremlin, he returned to Moscow in October of last year.
EU ambassadors are scheduled to negotiate in Brussels on Thursday to reach a compromise regarding the extension of the sanctions.
Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, announced nearly a month ago that Hungary would not currently agree to the extension of individual sanctions.
He attributed the decision to the presence of individuals on the list who, he argued, should not be included and stated that eight people had been identified by Hungary for potential removal.
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