Prosecutors Drop Probe Against Russian Oligarch Usmanov

German prosecutors have ended their investigation into Russian oligarch Alisher Usmanov's alleged breach of sanctions and money laundering after he agreed to pay a fine of 10 million euros. Usmanov, an ally of President Putin, faced sanctions following Russia's invasion of Ukraine and had assets frozen under EU rules.

German prosecutors have announced the termination of an investigation into Russian oligarch Alisher Usmanov. The probe was looking into potential violations of sanctions and money laundering laws. This decision comes after Usmanov, a well-known ally of President Vladimir Putin, agreed to pay a substantial fine of 10 million euros.

Usmanov, who hails from Uzbekistan and is a prominent figure in the metals industry, also serves as the president of the International Fencing Federation. He has been under European Union sanctions following Russia's aggressive military actions against Ukraine in 2022, which included having some of his funds and assets seized.

The scrutiny of Usmanov's activities led to police raids on numerous properties in Germany three years ago. The investigation centered on accusations that he utilized foreign companies to transfer 1.5 million euros for property management in Munich and allegedly failed to disclose valuable items. However, his legal team contested these claims, arguing against the application of EU laws in his case. Under German criminal law, the probe was concluded upon the payment of the penalty.

(With inputs from agencies.)