From hawk to holdout: France’s surprising stance on Russian oligarch sanctions

France has unexpectedly joined Slovakia to demand the removal of Russian-Uzbek billionaire Alisher Usmanov from the European Union’s sanctions list, blocking a routine extension of individual restrictive measures against Russia and forcing EU ambassadors to grant only a temporary one-week reprieve.

The sanctions regime, which imposes asset freezes and travel bans on nearly 3,000 people and entities, was due to expire at midnight on 15 September. With unanimity among all 27 member states required for renewal, the deadlock left diplomats with no choice but to roll the measures over until 22 September while talks continue.

The intervention by France has caused particular bewilderment in Brussels. Paris has long ranked among the strongest advocates of tighter pressure on Moscow and sustained support for Ukraine. Its sudden alignment with Slovakia, a country more frequently associated with resistance to sanctions under Prime Minister Robert Fico, marks a sharp departure from that pattern and has injected new uncertainty into the EU’s ability to maintain a unified front.

A French diplomat explained the position by citing a specific national security concern and a desire to respond positively to approaches from international partners regarding Usmanov. Subsequent reporting has linked the French stance to efforts to secure the release of French citizens held in Azerbaijan, with the delisting of the billionaire reportedly forming part of a proposed prisoner exchange. Baku has previously lobbied for Usmanov.

France has declined to confirm details of any such arrangement, while insisting it remains fully committed to increasing pressure on Russia’s war machine by every available means. The lack of fuller public explanation has left other capitals frustrated and questioning whether a transactional deal is being prioritised over collective policy.

Usmanov, whose fortune is estimated at around $18.8 billion according to the Bloomberg Billionaires Index earlier this year, built his wealth primarily in metals and mining while also holding interests in telecommunications, technology and media, including ownership of the newspaper Kommersant. The EU added him to its sanctions list after Russia’s full-scale invasion of Ukraine, citing his particularly close ties to President Vladimir Putin and his role among businessmen whose positions depend on the Russian leader’s favor. Usmanov has consistently denied these characterizations and has pursued multiple legal challenges across Europe, contesting both the substance of the designations and the accuracy of media reporting used to support them. He remains subject to a travel ban and asset freezes in both the EU and the United States.

Slovakia has pressed for Usmanov’s removal for some time, along with that of another Russian businessman, Mikhail Fridman. Until now, other member states largely resisted these requests, viewing them as politically motivated. The addition of French support has fundamentally altered the calculus. Luxembourg has indicated that if Usmanov is removed it would seek Fridman’s delisting as well, further complicating efforts to reach consensus.

Luxembourg’s position is not about friendship with Fridman. It is about legal risk and consistency.Mikhail Fridman (Alfa Group / LetterOne) parked a large part of his empire in Luxembourg. After he was sanctioned in 2022, Luxembourg froze those holdings. He then sued the Grand Duchy under a 1989 Belgium–Luxembourg–Soviet investment treaty, seeking on the order of $16 billion / about €14–15 billion in compensation for the freeze.

Most capitals remain unwilling to consider any removals while Russia continues intensive attacks on Ukrainian civilian targets. Ukrainian President Volodymyr Zelenskyy has publicly urged the EU not to ease pressure, warning against any steps that would amount to rescuing Russian oligarchs or offering gifts to Moscow at a time of escalating hybrid threats, including the drone incident near the Polish border.

Russian drone hits Kyiv–Warsaw train two kilometres from Poland

Diplomatic deadlock and the search for compromise

The requirement of unanimity has long given individual member states significant leverage over sanctions renewals. In previous cycles, Hungary under Viktor Orbán and Slovakia itself have been the primary sources of friction. France’s entry into this group represents a qualitative shift. After three rounds of discussions on Monday, with interruptions to allow consultations with national capitals, ambassadors could not agree on either a six-month or twelve-month extension of the individual measures. The shorter, emergency prolongation was adopted purely to buy time. Diplomats note that the EU has already moved certain sectoral sanctions, including those affecting energy, onto a twelve-month cycle in order to reduce the frequency of political horse-trading. Individual listings, however, continue to operate under different procedural rules and remain more vulnerable to last-minute vetoes.

The Irish presidency of the Council has stressed that consultations will continue and that extending the lists remains essential to weakening Russia’s capacity to wage war and to maintaining pressure on those who support, enable or profit from it. Yet the opacity surrounding France’s national-security rationale has made progress difficult. One senior European diplomat observed that linking any delisting to a prisoner release risked appearing to reward not only Russia but also the detention of European citizens. Others simply described the French position as astonishing.

Broader implications for EU cohesion

The episode underscores the inherent tension in a foreign-policy system that demands consensus among 27 governments with divergent national interests and threat perceptions. While the temporary extension prevents an immediate collapse of the sanctions regime, it leaves open the possibility that further concessions or creative compromises will be needed by 22 September. Any eventual agreement that removes Usmanov would mark the first explicit linkage of sanctions relief to a prisoner exchange involving a third country since the start of the full-scale war, setting a precedent that many governments appear reluctant to establish.

Usmanov’s lawyers have for years argued that the original designations rested on incomplete or inaccurate information. The EU, for its part, continues to maintain that his economic activities and political connections justified the measures. Whether France’s intervention ultimately leads to his removal, or whether the broader membership forces a different outcome, will test the resilience of the sanctions architecture at a moment when military and hybrid pressures on Ukraine and its neighbors show no sign of abating.

Sources: Focuseurope.pl, euBrief.sme.sk, Financial Times, Politico

Caption: President of France, France Emmanuel Macron and President of the European Council Antonio Costa on 19 June 2026 in Brussels, Belgium. [EUROPEAN COUNCIL]