The European Union’s lifting of sanctions on Russian oligarch Mikhail Fridman has not restored his access to assets, bringing only the reinstatement of part of his shareholding in the investment group LetterOne, Bloomberg reports.
Fridman owns 37.9% in the Luxembourg companies LetterOne Holdings and LetterOne Investment Holdings. Before sanctions were imposed in 2022, this stake was his main asset outside Russia.
As of the end of 2025, LetterOne had $21.5bn in net assets under management, as well as nearly $500m in unpaid dividends owed to shareholders who are under sanctions.
At the same time, Fridman remains under US and UK sanctions. According to sanctions law specialists interviewed by Bloomberg, this could prevent him from gaining access to his assets.
European banks would require special licences from the US Office of Foreign Assets Control (OFAC) and the UK authorities due to the risk of secondary sanctions.
A separate issue remains LetterOne’s operations in the UK, where a significant part of its management and operational infrastructure is based. UK law prohibits local individuals and companies from providing funds or economic resources to people who are under sanctions.
Fridman himself may try to obtain dividends owed to him through banks in Turkey or the United Arab Emirates; however, Bloomberg notes that it is unclear whether such a scheme would work. Some banks may refuse to provide services because of sanctions risks.
Fridman and Russian billionaire Alisher Usmanov were removed from the EU sanctions list last week. For Fridman, this decision is of particular importance because of his stake in LetterOne.
According to the Bloomberg Billionaires Index, Fridman’s fortune is estimated at $10.3bn.
- The decision to remove the oligarchs was taken under pressure from certain states, although most EU countries opposed such a move. France demanded that sanctions on Usmanov be lifted on “national security” grounds, which is linked to a possible prisoner exchange involving Azerbaijan.
- Luxembourg, meanwhile, requested similar terms for Fridman, who is currently suing the country for $16bn over the freezing of his assets.