In a significant move in the wake of the Ukraine war, Russian billionaire Alexei Kuzmichev has been detained in France on suspicion of violating EU sanctions and tax fraud. The tycoon, who is an ally of President Vladimir Putin and a co-founder of Russian finance consortium Alfa Group, was apprehended in Saint-Tropez on the French Riviera. This arrest marks one of the first instances of its kind in France in response to the ongoing conflict in Ukraine.
The French authorities raided Kuzmichev’s properties in both Saint-Tropez and Paris as part of the investigation. Dozens of police officers executed the search at the 61-year-old’s Paris home and his villa in Saint-Tropez. The Russian billionaire’s lawyers were not available for immediate comment.
While no charges have been brought against Kuzmichev as of Tuesday morning, he remains in custody. French financial prosecutors confirmed that he is being detained in connection with alleged money laundering, tax evasion, and violating international sanctions. The investigation is being conducted by France’s anti-corruption office.
The specific sanctions that Kuzmichev is suspected of violating have not been disclosed. However, it is worth noting that the European Union imposed sanctions on him in March 2022, shortly after Russia’s invasion of Ukraine. These sanctions targeted individuals with well-established ties to the Russian president, and Kuzmichev was categorized as one of the most influential figures in Russia.
In addition to facing potential legal consequences, Kuzmichev’s assets have also been impacted by the sanctions. French authorities impounded two of his yachts, La Petite Ourse and La Grande Ourse. Although proceedings against him regarding the yachts have been annulled, they are still subject to an asset freeze.
As one of the wealthiest individuals in the world, with a net worth of approximately $6.4 billion, Kuzmichev’s case has drawn significant attention. He is listed as the 389th richest person in the world by Forbes magazine.
The Kremlin spokesman stated that Russia would assist in protecting Kuzmichev’s rights as a Russian citizen if he wishes. The tycoon is also reported to have launched an appeal to lift the EU sanctions against him, with a decision expected in mid-November.
This arrest and investigation serve as a stern reminder of the international efforts to combat money laundering, tax evasion, and the violation of sanctions. The finance world closely watches the outcomes of such high-profile cases, as they have the potential to impact global financial flows and influence future regulatory actions.
