EU States Rally Behind Fridman in Fight to Lift Sanctions Amid Controversy | World | london-news-net.preview-domain.com

EU States Rally Behind Fridman in Fight to Lift Sanctions Amid Controversy

EU States Rally Behind Fridman in Fight to Lift Sanctions Amid Controversy

At least seven member states of the European Union have expressed support for Russian billionaire Mikhail Fridman’s attempt to challenge the sanctions imposed on him by the bloc, as reported by the Spanish newspaper El Mundo on Thursday, citing unnamed sources familiar with the situation.

Hungary, Slovakia, and Luxembourg are said to have urged for Fridman’s removal from the sanctions list, while Italy, Greece, Austria, and Croatia are reported to view his appeal positively.

Hungary’s ambassador to the EU, with backing from Luxembourg, attempted unsuccessfully to achieve his delisting during the EU’s review of sanctions in March.

The EU is expected to prolong its asset freezes and travel bans later in September, affecting nearly 2,500 individuals and entities, Fridman included.

El Mundo indicates that the businessman has also sought support from Spain, arguing that the sanctions jeopardize the expansion of the Dia supermarket chain, which falls under his Luxembourg-based investment firm, LetterOne. Spain’s stance on the matter has not been made clear.

Latvia has reportedly voiced opposition to the easing of sanctions, pointing to Fridman’s connections with LetterOne co-founder Petr Aven.

In April 2024, the two men achieved a partial success when the EU’s general court annulled sanctions imposed on them between 2022 and 2023. However, the court did not lift the extensions, which the EU defends by claiming both businessmen generate “substantial” revenue for the Kremlin, a point they continue to dispute separately.

Fridman, who was born in the Soviet Union and built his wealth in Russia before relocating to London in 2015, has consistently denied having close ties to the Russian government. Aven, who also contests allegations of Kremlin connections, is reported to have lived abroad since the onset of Russia’s full-scale invasion of Ukraine in 2022.

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