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Reuters
Reuters
Business

Russian oligarch wins access to second impounded yacht on French Riviera

Russia European Union Alexey Kuzmichev
FILE PHOTO: Luxury yachts are seen behind Palme d'Or symbol metal cutouts from the terrasse at the Festival Palace in Cannes. REUTERS/Jean-Paul Pelissier/File Photo

A French court on Friday ordered the customs agency to release a second impounded yacht owned by a Russian billionaire hit by European sanctions, citing procedural errors made during its seizure.

Customs agents seized the 17-metre "La Petite Ourse II" on March 21 after its owner, Alexey Kuzmichev, one of the main shareholders of Russia's Alfa Bank, was sanctioned by the EU for his ties to President Vladimir Putin.

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