A Russian billionaire was detained in France: his residence was searched

Russian oligarch Alexey Kuzmichev was detained in France on suspicion of tax fraud, money laundering and sanctions violations, reports Forbes.

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Alexey Kuzmichev was detained in Saint-Tropez on the French Riviera, reports with the BBC. Police raided properties in Saint-Tropez and Paris linked to a tycoon allied with President Vladimir Putin.

Dozens of police took part in raids on the 61-year-old's Paris home and his villa in Saint-Tropez, Var, according to French daily Le Monde.

On the subject: The US wants to confiscate a $300 million superyacht from a Russian billionaire and give the money to Ukraine

In 2022, Kuzmichev was sanctioned by the UK and EU due to his links to Russian leadership following Moscow's invasion of Ukraine. A year later, he was subject to US sanctions as part of the government's efforts to "hold accountable those who facilitate and benefit from Russia's war against Ukraine."

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France had previously seized two yachts, La Petite Ourse and La Grande Ourse, owned by Kuzmichev, which were frozen by authorities in March 2022. The oligarch won in court due to procedural errors made during their arrest, as a result of which the court released both yachts.

Capital

Forbes magazine named the businessman the 389th richest person in the world with a net worth of about $6,4 billion.

Kuzmichev co-founded Alfa Group, which includes Russia's largest private bank Alfa Bank and LetterOne, along with Mikhail Fridman and German Khan, whose net worth is $12,7 billion and $8,2 billion, respectively.

Kuzmichev is one of the few Russian billionaires remaining in Europe after Russia's invasion of Ukraine and has reportedly filed a petition to lift EU sanctions against him, which is due to be decided in mid-November.

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