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Reuters
Reuters
World

Sanctioned Russian billionaire wins right to use his yacht on the French Riviera

Russia Alexey Kuzmichev European Union
FILE PHOTO: Alexey Kuzmichev, chairman of Russian investment company A1 advisory committee, attends a news conference in Moscow April 3, 2013. REUTERS/Sergei Karpukhin/File Photo

A French court on Wednesday ordered the country's customs agency to release an impounded yacht owned by a Russian billionaire hit by European sanctions, due to procedural errors made during the seizure of the vessel.

Customs agents seized the 27-metre "La Petite Ourse" on March 16, after its owner, Alexey Kuzmichev, one of the main shareholders of Russia's Alfa Bank, was sanctioned by the EU in March for his ties to President Vladimir Putin.

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