French authorities have detained Russian billionaire Alexei Kuzmichev on suspicion of violating EU sanctions and tax fraud. Kuzmichev, an ally of President Vladimir Putin and co-founder of the

Russian finance consortium Alfa Group, was taken into custody in Saint-Tropez on the French Riviera, and properties in Saint-Tropez and Paris linked to him were raided by police.

He is currently detained on charges of alleged money laundering, tax evasion, and breaching international sanctions, according to French financial prosecutors. Despite being in custody, no charges had been brought as of Tuesday morning. The investigation is being conducted by France's anti-corruption office.

Although it remains unclear which specific sanctions Kuzmichev is suspected of violating, the European Union had imposed sanctions on him in March 2022, following Russia's full-scale invasion of Ukraine. Forbes magazine ranks him as the 389th richest person globally, with an estimated net worth of approximately $6.4 billion.

French authorities had previously impounded two yachts owned by Kuzmichev, La Petite Ourse and La Grande Ourse, and while proceedings against him related to the yachts have been annulled, an asset freeze remains in place. Kuzmichev had also been a board member of UK-based investment firm LetterOne, resigning in March 2022. He has initiated an appeal to have the EU sanctions against him lifted, with a decision expected in mid-November. The Kremlin has pledged to protect his rights as a Russian citizen. Photo by LetterOne Group, Wikimedia commons.