An investigation has failed to prove the money laundering charges against Alisher Usmanov, according to his lawyers

Prosecutors in Germany have dropped a money laundering and tax evasion case against Russian billionaire Alisher Usmanov, media outlets reported on Monday, citing the businessman’s lawyers.

The case, which was initiated shortly after the escalation of the Ukraine conflict in 2022 and the Western sanctions campaign against Russia, has been described by Usmanov’s legal team as “politically motivated.”

The General Prosecutor’s Office in the city of Frankfurt terminated the case because after more than two years, the investigation “failed to prove the charges” against Usmanov, according to a statement from the businessman’s lawyers, as cited by the media.

“We have always insisted on the innocence of our client. For Usmanov, this is an important step towards restoring his faith in the rule of law and to protect his good name and reputation as a world-renowned philanthropist,” Reuters quoted lawyers Uwe Lehmbruck and Markus Gotzens as saying.

The decision by prosecutors to drop the case was reportedly made in October in line with the German Code of Criminal Procedure, with Usmanov agreeing to contribute to charity as part of the deal.

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The tycoon also reportedly refused to pursue legal action against the prosecutors, who he believed had abused their powers and caused “enormous damage” with “the wrongful investigation.”

In November 2022, police carried out raids on Usmanov’s properties in Germany and seized documents as part of a criminal investigation into alleged money laundering and tax evasion.

The following year, the Frankfurt court declared the police raids illegal and ruled that all seized documents and assets must be returned to the sanctioned businessman.

The 71-year-old was added to the UK, EU, and US sanctions lists shortly after the launch of Russia’s military operation in Ukraine.

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The Uzbek-born businessman holds a major stake in USM, a Russian investment group with holdings in Metalloinvest, one of the world’s largest iron ore producers, and telecommunications company MegaFon. Usmanov’s net worth totals $14.6 billion, according to the Bloomberg Billionaires Index.