Hungary threatens to lift sanctions against a number of Russians. What is the reason?
13 March 2025 15:48
Hungary has threatened to block the extension of EU sanctions against about two thousand Russians unless oligarch Mikhail Fridman is removed from the list.
This was reported by the Financial Times, citing sources, "Komersant Ukrainian" reports.
The travel restrictions and asset freeze on politicians and businessmen believed to be involved in the war against Ukraine will expire on March 15, unless all 27 EU member states agree to extend them for another six months. EU ambassadors will meet in Brussels today, March 13, to discuss this.
However, as the FT points out, Hungary’s ambassador to the EU has demanded that oligarch Friedman not be on the list. This is Budapest’s price for the continuation of other sanctions.
Meanwhile, the Baltic states oppose any easing of EU restrictions against Moscow, especially before any US-mediated ceasefire talks are completed.
Nevertheless, Luxembourg supports Budapest’s efforts, according to the three unnamed officials. Last year, Friedman filed a lawsuit against the country, where he has a stake in the London-based investment firm LetterOne, seeking compensation for $15.8 billion in losses due to the sanctions.
Initially, Budapest asked to remove eight names from the list, including other Russian billionaires such as Alisher Usmanov and Friedman’s longtime partner Peter Aven. But Hungary has dropped some of these demands, the FT’s sources say.
In April 2024, the EU Court of Justice issued a ruling that removed Russian businessmen Pyotr Aven and Mikhail Fridman from the list of persons subject to EU personal sanctions. However, they were later denied the lifting of the sanctions.
Late last year, Friedman and Aven sold their stakes in Alfa Bank, Russia’s largest private lender, and its sister insurance company. The oligarchs now hope that this means they will no longer meet the other criteria for remaining under EU sanctions.
