Switzerland has removed Russian-Uzbek oligarch Alisher Usmanov, 73, from its sanctions list imposed on Russia over the war in Ukraine, following a similar decision by the European Union.
According to a document published on 4 November 2026 by Switzerland’s State Secretariat for Economic Affairs and obtained by the Italian newspaper Corriere della Sera, Usmanov’s name has been removed from the list of sanctioned individuals.
Usmanov, who heads the USM Group, held significant interests in the steel industry, mining, copper, cement, telecommunications and the digital sector. When sanctions were imposed in 2022, he was described as one of the most influential businessmen and one of the Russian oligarchs closest to President Vladimir Putin. The justification at the time stated that his companies generated substantial revenue for the Russian state, making him an important figure in the country’s economy.
The document also referred to his ties with former Russian president and prime minister Dmitry Medvedev, who was alleged to have used luxury residences under Usmanov’s control. Another reason cited for imposing sanctions was Usmanov’s ownership of the newspaper Kommersant, which adopted a markedly pro-government editorial line after coming under his control.
Russian-Israeli billionaire businessman Mikhail Fridman, 62, who was born in Lviv, Ukraine, has also been removed from Switzerland’s sanctions list.
Fridman is the co-founder of the Alfa Group, one of Russia’s largest privately owned conglomerates, with business interests in banking, insurance, retail and infrastructure.
He is considered one of Russia’s wealthiest individuals. In 2022, when the European Union imposed sanctions that were subsequently adopted by Switzerland, he was accused of benefiting from Russia’s economic system and providing financial support to it, while also maintaining links with circles close to the Kremlin.
Following these decisions, sanctions against both businessmen in Europe remain in force only in the United Kingdom.
