EU Delists Oligarchs Amid Secret Deals Involving Azerbaijan and Hong Kong
What happened
The European Union agreed to delist Russian metals tycoon Alisher Usmanov and Russian banker Mikhail Fridman on September 22, 2026, after France pushed through the decision. This accord included locking the new sanctions list for three years. The delisting was linked to France's need for Usmanov to recover frozen EU mansions and a secret deal with Azerbaijan and Moscow. Luxembourg also needed Fridman removed to support its case in a Hong Kong arbitration where he was suing the Grand Duchy for €14bn over frozen assets.
From euobserver.com
Why it matters
The decision weakened the EU sanctions regime, which was facing expiration. The political compromises demonstrated the difficulty the EU faced in maintaining regulatory integrity while balancing national interests.
From euobserver.com
Who's involved
- AzerbaijanInvolved in a secret deal with France regarding an alleged French spy jailed by Azerbaijan.
- LuxembourgNeeded Mikhail Fridman delisted to strengthen its position in a Hong Kong arbitration.
- Hong KongHosted the arbitration suit where Mikhail Fridman was suing the Grand Duchy for €14bn.
- Mikhail FridmanSubject of the delisting and the Hong Kong arbitration suit over frozen assets.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- LuxembourgSpeculative
Luxembourg might see changes in the cost of legal contracts related to international arbitration.
- EuropeSpeculative
Europe may see the integrity of the EU sanctions regime weaken.
Keep exploring
The entities involved
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Azerbaijan
country in the Caucasus in Eastern Europe and Western Asia
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Luxembourg
country in Western Europe
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Hong Kong
city and special administrative region of China