A Russian court released U.S. investor Michael Calvey on Thursday after two mont...
MOSCOW - A Russian court released U.S. investor Michael Calvey on Thursday after two months in jail and placed him under house arrest until Saturday, softening his treatment in a fraud case that has rattled investors.
“Despite this corporate conflict that has led to criminal prosecution, I would like to underline what I have always said: I continue to believe in Russia’s investment potential,” Calvey said from a glass cage in the court. Senior pro-business figures in Russia’s establishment say the case has had a chilling effect on the business climate that is already under pressure from Western sanctions, sluggish economic growth and rouble volatility.
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