In an unprecedented move since the onset of the Ukraine war, Alexei Kuzmichev, a Russian billionaire, has been apprehended in France on suspicions of contravening EU sanctions and tax fraud. The French Riviera city of Saint-Tropez witnessed the startling detainment.
Officers executed searches at properties tied to the affluent businessman in Saint-Tropez and Paris. Known for his association with President Vladimir Putin, Mr. Kuzmichev has his properties unmistakably flagged in the French metropolis and the serene coastal town.
Comments from Mr. Kuzmichev’s legal team were not forthcoming immediately after this incident. As a co-creator of the Russian financial conglomerate, Alfa Group, he was apprehended on Monday under allegations of tax evasion, contravention of global sanctions, and money laundering, as verified to the Reuters news agency by French financial prosecutors.
As of Tuesday morning, formal charges had not been pressed, nonetheless, the Russian billionaire remained in custody. The police deployment to conduct raids at the 61-year-old’s Saint-Tropez villa and Parisian dwelling involved dozens of officers as disclosed by French daily Le Monde.
The specific transgressions against the sanctions for which Mr. Kuzmichev is suspected, remains undetermined. Yet, the French anti-corruption office is at the helm of carrying out this investigation.
While the Russian state has offered assistance in safeguarding his rights as a Russian national if needed, Mr Kuzmichev’s net worth of $6.4 billion earmarks him as the world’s 389th richest individual on the Forbes magazine list.
Post the large-scale Russian invasion of Ukraine, the European Union had imposed sanctions on him in March 2022 citing strong ties to the Russian president and signifying him as one of Russia’s profoundly influential personas.
Two yachts owned by Mr. Kuzmichev, La Petite Ourse and La Grande Ourse, were seized by the French authorities. Despite court proceedings linked to these yachts being dropped, the vessels continue to be subjected to an assets freeze.
Until his resignation in March 2022, Mr. Kuzmichev served on the board of the UK-based investment firm, LetterOne, alongside other notable Russian business figures.
Remaining one of the few Russian billionaires to stay in Europe post the Ukraine invasion, it is understood that he has filed an appeal for the removal of imposed EU sanctions. The judgment for the same is expected around mid-November.
