On December 22, 2023, Mikhail Abyzov, the former Minister of the Russian Federation for Open Government Affairs, received a 12-year prison sentence for embezzlement and criminal conspiracy. Additionally, he was fined 80 million rubles (US$860,000) by the Moscow court.

Check for more information: https://www.fcctimes.com/2024/01/04/update-on-kyc-master-direction-clarification-and-amendment-regarding-politically-exposed-persons-peps/?utm_source=RZOLUTWebsite&utm_medium=FCCRegUpdate05Jan

Abyzov was found guilty of leading a ‘criminal gang’ and embezzling over 4 billion rubles (US$43 million) from two energy companies supplying electricity to the Novosibirsk region in Siberia between 2011 and 2014. Five other energy executives and entrepreneurs were implicated in the embezzlement scheme.

Investigators claimed that Abyzov and his associates diverted the embezzled funds abroad. They accused him of founding a criminal organization in April 2011 before assuming a government ministerial position. Additionally, he faced charges of fraud, illegal entrepreneurship, and commercial tampering.

Abyzov, who resided between Italy and the United States, was arrested in early 2019 by the Federal Security Service (FSB) while in Moscow.

From 2012 to 2018, Abyzov served as the minister for relations with civil society. In 2014, he was reported as the highest-earning cabinet member, with an annual income of 282 million rubles, approximately US$6 million at 2019 rates.