Reported by: Sam Jones in Berlin and Max Seddon in Riga

German police have raided offices of the Swiss bank UBS in connection with a money laundering investigation into Uzbek-born Russian billionaire Alisher Usmanov. 

UBS branches in Frankfurt and Munich were searched on Tuesday morning, state prosecutors confirmed to the Financial Times. 

“The subject of the investigation is the initial suspicion of money laundering against a businessman from the Russian Federation. The investigations are not aimed at the bank concerned or its employees,” the Frankfurt prosecutor’s office said. 

Speaking on condition of anonymity, German officials said that Usmanov was the individual targeted by Tuesday’s raids, which were first reported by Der Spiegel. 

Usmanov, 69, is one of the world’s wealthiest men, with an estimated fortune of more than $19.5bn, earned through a business empire with holdings in some of Russia’s largest mining, industrial and telecoms companies. 

As well as being the owner of the biggest superyacht ever built, the $600mn Dilbar, his assets include stakes in English Premier League football clubs Arsenal and Everton. He was a former top shareholder in Apple, Facebook and Twitter. 

After Russia’s invasion of Ukraine began in February, Usmanov was one of the first Russian businessmen to be hit by western sanctions, thanks to his close ties to the Kremlin. 

The EU described him as “one of Vladimir Putin’s favourite oligarchs”. Usmanov has launched legal cases in Europe to challenge the measures against him.

Read full report: https://www.ft.com/content/b2d52bfb-ed64-4fd8-b9cd-03fcc06a3319