French court declares illegal the detention of the yacht of a Russian billionaire

19:47 05 October Kyiv, Ukraine

Sanctioned Russian billionaire Alexei Kuzmichev won a partial victory in his dual lawsuit against French customs to freeze one of his yachts.

It is reported by Economic Truth with reference to Bloomberg.

A Parisian appeals court ruled that the actions of French customs to seize and freeze the yacht "La Petite Ourse" in the coastal city of Antibes in mid-March were "wrong" and canceled the event.

However, the judges decided that the second lawsuit regarding La Petite Ourse II, which was delayed a week later in March in Cannes, should be brought before another court and made no decision on it.

Now this second case is to be heard by the Court of Appeal in Rouen..

Kuzmichev, along with Mikhail Fridman, is a co-founder of Russia's Alfa Group and LetterOne. Until recently, he was among the shareholders of Alfa-Bank Ukraine. After EU sanctions were imposed on him on March 15, the NBU first deprived him of his voting rights in the bank, and then he left the ownership structure of the Ukrainian Alfa without the approval of the regulator.