The Moscow City Court upheld the ruling designating Almaz Capital Partners an “extremist association” and banning its activities in Russia, but changed part of the lower court’s decision concerning property belonging to the fund’s managing partner, Alexander Galitsky.
The appeals court preserved the transfer to the state of the bulk of property belonging to Galitsky and associated individuals, but allowed him to retain the right to collect a 1.8 billion-ruble loan he had made to businessman Alexander Udodov.
The remainder of the Tverskoy District Court ruling stayed in force. The property ordered transferred to the state had been valued at around 8 billion rubles.
Prosecutors accused Galitsky and the fund of supporting Ukraine. Galitsky said Almaz Capital had not invested in weapons production and challenged the ruling.
At the May 26 hearing, a prosecutor also said Galitsky had left Russia through Belarus using a Dutch passport after the original court ruling.