EU representatives have reached an agreement to remove Alisher Usmanov and Mikhail Fridman from the EU sanctions list targeting Russia.
Diplomats also agreed to maintain the existing sanctions against approximately 3,000 individuals and entities on the list for another three years. The extension requires the approval of all EU countries.
Latvia was the only country to object to the measure at the final stage of the process. The country's abstention made it possible for the agreement to be adopted.
The decision will take effect after the formal process known as the written procedure is completed.
France proposed removing Usmanov from the sanctions list at the beginning of the month. While Paris cited national security grounds for the move, Luxembourg called for the same measure to be applied to Fridman.
Fridman has made a $16 billion compensation claim against Luxembourg.