European Union member states have reached an agreement to extend sanctions against more than 3,000 Russian individuals and entities for another 36 months, while removing businessmen Alisher Usmanov and Mikhail Fridman from the sanctions list.

According to Politico, EU ambassadors meeting in Brussels agreed to renew the bloc's sanctions framework targeting Russia after negotiations over the blacklist.

Under the agreement, restrictive measures against more than 3,000 individuals and entities will remain in force for another three years. At the same time, Uzbek-born Russian billionaire Alisher Usmanov and Russian-Israeli businessman Mikhail Fridman will be removed from the sanctions list.

Member states backed delisting after negotiations

France and Slovakia had supported removing Usmanov from the sanctions list, citing his business interests in sectors including steel, mining, copper, cement, telecommunications, technology and media.

Luxembourg, meanwhile, backed the removal of Fridman, who had launched legal proceedings seeking the release of frozen assets. Fridman has business interests in banking, energy, telecommunications, healthcare and retail.

Latvia had opposed removing the two businessmen and had previously blocked the agreement. However, the decision was reached after Latvia abstained during the latest vote.

Formal approval still pending

The agreement will become official once EU member states complete the written approval procedure.

The sanctions regime, first introduced following Russia's actions against Ukraine and expanded repeatedly in subsequent years, includes asset freezes, travel bans and other restrictive measures targeting Russian officials, business figures, military entities and companies accused of supporting Moscow's policies.(ILKHA)