French authorities have confiscated over €70 million ($73 million) in assets from Russian oligarchs accused of money laundering.
Concealed Origin of Funds
The oligarchs, identified as Ruslan Goriukhin and Mikhail Opengeim, allegedly concealed the origin of funds used to acquire these properties. Opengeim’s name has surfaced previously in the Pandora Papers scandal, while Goriukhin’s wealth reportedly stems from his business ventures in Russia’s energy sector.
The investigation, launched in March, led to the seizure of luxury villas and a sprawling 22.5-hectare (55.6-acre) estate, as well as other high-value assets.
Investigators believe the oligarchs used complex financial schemes involving loans from companies based in tax havens like Cyprus and the British Virgin Islands to hide the source of their funds, according to Digi24.
The French Financial Prosecutor's Office worked alongside the Research Section in Paris to conduct searches across multiple notary offices and homes over a one-week period.
Ties to Russian Energy Sector
In total, authorities have confiscated eight properties and two luxury vehicles, valued at nearly €70 million ($73 million) and €670,000 ($698,000), respectively. Additionally, shares worth €2.7 million ($2.8 million) were seized.
The seized properties were located in the departments of Alpes-Maritimes and Var, a region known for its upscale real estate.
This high-profile case has attracted attention due to its connection to broader international concerns about Russian oligarchs using foreign assets to evade sanctions and conceal their wealth.
As the investigation continues, French authorities are expected to uncover more details about how these funds were funneled into real estate in France.
The crackdown is part of a wider European effort to target assets tied to individuals close to Russian President Vladimir Putin. Both Goriukhin and Opengeim are reportedly connected to the Russian energy sector, which has been under scrutiny since Russia’s invasion of Ukraine in 2022.
