Moscow court rules oil billionaire to be detained in his own home until at least 16 November as shares in Sistema fall by 8.8%
Vladimir Yevtushenkov is to remain under house arrest until at least 16 November following a ruling by a Moscow court in a money laundering case widely seen as politically motivated.
Shares in the oligarchs oil-to-banking conglomerate Sistema fell by 8.8%, and shares in Bashneft, the oil company at the heart of the case, fell by 4.5% on the Moscow stock exchange after Thursdays decision. Yevtushenkovs lawyers had asked for him to be released on bail for 300m rubles (£4.8m) and allowed to go to work. Instead, he will be confined to his mansion in Zhukovka outside Moscow without telephone, internet or the possibility of speaking to anyone besides investigators and his lawyers.