Vladimir Yevtushenkov under arrest and facing prospect of selling Sistema company in what critics call ‘undisguised theft’
The arrest of one of Russia’s richest men, whose empire spans oil production to the country’s largest mobile phone network, could send further shockwaves through an economy already reeling from western sanctions.
Analysts said the moves against Vladimir Yevtushenkov this week looked like a raid on his business by Kremlin-connected forces, and were a sign of an intensifying battle for a "shrinking pie" of resources. Yevtushenkov, Russia’s 15th richest businessman with a fortune of around £5.5bn according to Forbes magazine, has been placed under house arrest after allegations of money laundering.