Russian oligarch detained in France and charged with tax evasion

Kuzmichev, a Russian oligarch, has been charged with tax evasion in France.

On October 31, Russian millionaire Alexei Kuzmichev, who had been detained in France the day before, was charged with tax evasion.

According to AFP, the French National Financial Prosecutor’s Office made the announcement.

Kuzmichev was accused of concealing his involvement with an organized criminal group and of money laundering. He was placed under judicial monitoring and was barred from leaving France.

The oligarch was released on €8 million bail.

According to AFP, the man was detained on Monday in the French Riviera town of Saint-Tropez. Several locations affiliated with the oligarch were searched, including a residence in Paris and a villa in Saint-Tropez.

Putin’s oligarch was detained in France on accusations of breaching EU sanctions.

Alexei Kuzmichev has been sanctioned by the European Union since March 2022. He owns a significant portion of Alfa Group, which includes Alfa Bank, one of Russia’s largest taxpayers.

Furthermore, the EU considers Kuzmichev to be close to Russian President Vladimir Putin, citing the latter’s backing for Alfa Group’s investment ambitions as evidence of his devotion to the Kremlin.

Forbes magazine estimates the oligarch’s fortune at roughly $6.5 billion.

Last year, French officials seized two of Kuzmichev’s yachts that were docked in the south of France. Due to administrative issues, the arrest of one of the yachts was canceled in October 2022.