France arrests Russian tycoon Kuzmichev in tax, sanctions probe

Russian billionaire Alexei Kuzmichev, co-founder of the Alfa Group, has been arrested in France on suspicion of tax fraud and violating EU sanctions. Kuzmichev, who is on a list of Russian nationals targeted by sanctions, was apprehended in Saint-Tropez and had his Paris home raided by police. Two of his yachts were previously seized as a result of the sanctions. Kuzmichev is appealing to have the sanctions lifted, with a decision expected on November 15. Forbes lists him as the 61st richest person in the world with a fortune of $6.4 billion.