Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Friday 10 July 2015 5:52 am

Putin’s old pal Sergei Pugachev flees London for France in £655m fraud case

By: James Nickerson

Add as a preferred source on Google

A once-close ally of Russian President Vladimir Putin has gone on the run in the midst of a High Court case, saying his life is in danger.

Sergei Pugachev defied a court order by fleeing the to France after he was charged with stealing more than £655m.

The exiled Russian oligarch became a French citizen in 2009 and left Russia in 2011. He's been fighting a legal battle over claims he embezzled millions of dollars from Mezhprombank, the Moscow bank he co-founded.

Pugachev, once known as “Putin’s banker”, fled weeks after he said attempts had been made on his life. Russia last month demanded his extradition from the UK, and the UK High Court froze his assets last year in support of Russia’s claims.

Read more: Man once known as "Putin's banker" loses £1.3bn battle in UK high court

The Russian government’s Deposit Insurance Agency is trying to recover funds it claims he stole from the bank he founded after it was bailed out by taxpayers in the financial crisis.

Pugachev has always denied the claims, insisting they are politically motivated as part of a plan for the Kremlin to expropriate his business.

He had been told to remain in the UK and hand over his French passport to the DIA’s lawyers. But in a statement, he said he had to leave the UK because of “serious concerns regarding his personal safety and increasing harassment, as part of an unlawful seizure of his assets by the Russian state”.

The DIA raided his London homes and a yacht associated with him, seizing documents and computers. Hogan Lovells, the lawyer for the DIA, suggested Pugachev had gone on the run when they traced an email from him to a server in Paris.

The DIA denied it had made claims against his life, and criticised Pugachev for leaving for France as a break of the court order that was issued.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business

Related Topics

  • People
  • Vladimir Putin

Trending Articles

  • Burnham tax plans spark investor rush to bank capital gains

  • Brewdog chief executive quits after only one year

  • UK ‘no longer a serious place’ says Hedge fund boss after losing £200m tax battle

  • Cruyff turn: Starmer allows pubs to stay open for England World Cup game

  • Nothing fails to file accounts months after dissolution threat

More from City PM

  • British forces intercept Russian shadow fleet in Channel

    Politics
    The five warships will be built at BAE's flagship facility in Glasgow
  • UK Government warns Joe Joyce against travelling to Russia for Moscow fight

    Sport Business
    Getty Images logo on a digital screen, representing business and media industry in a professional news setting
  • Exclusive: Russian ambassador was invited to box at Queen’s Club

    Wealth
    Andrey Kelin, Russian ambassador, addressing media at a press conference on diplomatic relations and international policies.
  • LLPs remain under watchful eye – especially from the taxman

    Legal
    Tax documents and calculator on a desk, symbolizing financial planning and tax preparation for businesses and individuals.
  • On this day: “God’s Banker” found dead, suicide or murder?

    Opinion
    Roberto Calvi, former Italian banker, in a business suit standing in front of a backdrop of historic Italian architecture.
  • HSBC coughs up $25m over Australian scam failures

    Banking
    HSBC's Canary Wharf office.
  • ‘Banker’ arrested in connection with ‘Putney pusher’ attack

    London
    Person pushing another individual off a Putney bridge, capturing the infamous incident known as the Putney Pusher事件
  • Nestle launches probe over ties to sanctioned Russian propaganda channel

    Regulation
    Nestlé's brands include KitKat chocolate, Häagen-Dazs ice-cream and Nespresso.

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy