The economic war accompanying the invasion of Ukraine is entering a new phase with concrete actions against the Russian elite. France has announced a major asset seizure from Russian businessmen.

Seizure of Russian Businessmen's Assets in France

After months of investigation, the French authorities seized assets worth over €70 million belonging to Russian businessmen Ruslan Goryukhin and Mikhail Opengeym. The seizure was part of an investigation into money laundering. Among the frozen assets are luxury properties in the Alpes-Maritimes and Var, including a 22.5-hectare estate in Grasse and villas in Saint-Raphaël and Grimaud. Investigations, initiated in March 2024, uncovered several properties and two luxury vehicles valued at €69.8 million and €670,000.

Investigation Progress and International Links

The French investigation also examines the ties between businessmen and financial intermediaries in Monaco. Searches led to Rosemont Consulting, a company specializing in tax engineering, allegedly instrumental in creating legal structures for suspicious transactions. These actions are part of a global strategy to freeze the assets of Kremlin allies. Given the corrupt schemes, cooperation between European authorities will be crucial to dismantling these opaque financial networks.

Implications for Russian Oligarchs

This case illustrates the challenges of tracking and seizing assets acquired through complex financial arrangements. In France, pressure for financial transparency is mounting. The next steps in this and other investigations could redefine tools for combating transnational financial crime and inspire other jurisdictions.

The seizure of Russian oligarchs' assets in France underscores the challenges in fighting economic crime and increasing international pressure for financial transparency. This may also drive Russian business interests into cryptocurrency investments.