EU prepares to exclude two more oligarchs from sanctions list

On October 7, the ambassadors of the European Union countries intend to agree on removing Russian businessman Mikhail Gutseriev and Belarusian entrepreneur Viktor Shevtsov from the EU sanctions list on Belarus. This was reported by Brussels correspondent of Radio Liberty Rikard Jozwiak, citing diplomatic sources.

According to sources, the decision is linked to court proceedings that the businessmen were pursuing. The EU believes the legal grounds for maintaining restrictions against them under the Belarusian sanctions regime are not strong enough. A final decision has not yet been made — it needs to be approved by the ambassadors on October 7.

At the same time, Gutseriev's removal from the "Belarusian" list will not mean a complete lifting of European sanctions against him. According to Radio Liberty, in July 2026 the businessman was added to another EU sanctions list related to Russia's aggression against Ukraine. Therefore, restrictions against him will continue to apply. 

Gutseriev has been under EU sanctions on Belarus since June 2021. The EU justified the sanctions by referring to him as a long-time acquaintance of Alexander Lukashenko and pointing to his significant business interests in Belarus. In particular, the company Slavkali associated with the businessman was engaged in the construction of the Nezhinsky mining and processing complex worth about $2 billion. The EU Council also noted that Gutseriev attended Lukashenko's inauguration in 2020 and provided support to his regime.

Shevtsov was added to the EU sanctions list in 2024. The EU indicated that the entrepreneur controlled Tekhnokhimtrade and was connected to the production of security holograms in Belarus. The justification for sanctions stated that he benefited from a state monopoly: the company Holography Industry had an exclusive license to produce security holograms and crystallograms for documents.

Unlike Gutseriev, Shevtsov, according to Radio Liberty, is not on other EU sanctions lists. Therefore, once the decision is approved, EU restrictions against him will be lifted.

The EU sanctions regime on Belarus is currently extended until February 28, 2027. More than 300 persons and dozens of entities are subject to restrictions under it.

Sources: Rikard Jozwiak, EU Council