Sanctions — 2026-11-08

Switzerland Lifts Sanctions on Russian Billionaires Usmanov and Fridman Following EU Deal Linking French Prisoners

BLUFEU member states now possess a proven template for trading individual sanctions delistings in exchange for bilateral concessions, and the 36-month extension delays but does not eliminate the next such opportunity.

Switzerland removed Alisher Usmanov and Mikhail Fridman from its Russia sanctions list, effective 11pm on November 4, following the EU's September 22 delistings, according to EUToday 1 and TASS, which cited SECO data 2. The same action removed ex-Crimean Federal University rector Andrey Falaleev and Redbird Corporate Services Ltd, plus three individuals removed after their deaths 123. Euronews reported that France pressed for Usmanov's removal, citing national security, and that Euronews understood this was tied to a deal for Azerbaijan to free two French nationals, which France has not confirmed 4. Fridman's removal followed Slovakia's veto and a Luxembourg argument for parity, Euronews reported 4. Euronews also said the EU extended its individual listings for 36 months 4. The Moscow Times reported that both men remain under US and UK sanctions 3.

Analysis
Switzerland's delisting completes Bern's alignment with the EU's September compromise, leaving Usmanov and Fridman under US and UK sanctions only. The EU case shows a member state can trade one listing for a third-country concession, and a single holdout like Luxembourg can extract parity for a second oligarch. The 36-month extension removes the six-month renewal that gave individual governments leverage, so the next such bargaining point falls in 2029. Estonia's national measures show enforcement can continue outside the EU framework. Confidence is high: SECO data, carried by TASS and the Moscow Times, confirms the Swiss action, and Euronews documents the EU decision, though the Azerbaijan link rests on one unconfirmed report. Bern may simply be mechanically following EU listings, since it also adopted the 21st package, signaling little change in its Russia's posture.

4 sources

Switzerland Lifts Sanctions on Russian Billionaires Usmanov and Fridman Following Controversial EU Deal - EUToday
Switzerland follows EU in lifting sanctions on Usmanov, Fridman - TASS
Швейцария вслед за ЕС сняла санкции с миллиардеров Фридмана и Усманова - The Moscow Times (Russian service)
EU renews Russia sanctions but removes Usmanov at France's request - Euronews