Russian businessman accuses Biden of stealing his money

Moscow has opened a criminal case over the seizure of Konstantin Malofeev’s US assets and the transfer of some of the funds to Ukraine

Russian businessman Konstantin Malofeev has accused former US President Joe Biden’s administration of stealing his money and using some of it to support Ukraine’s armed forces.

Russia’s Investigative Committee opened a criminal case on Friday at Malofeev’s request over the seizure of his US assets. Investigators said they are trying to identify American officials involved in what the agency described as illegal decisions.

Malofeev, the owner of Russian TV channel Tsargrad, said the US seized $10 million from him, including $5.4 million that was later transferred to Ukraine.

“Former US president [Joe Biden] and Attorney General Merrick Garland stole my money, legally invested in the United States – even before any sanctions,” Malofeev wrote on Telegram.

He accused Biden and Garland of creating an “organized criminal group” between 2021 and 2024 to seize Russian state assets and property belonging to Russian citizens.

“Biden financed terrorists who kill Russian people,” Malofeev said, referring to Ukrainian forces.

The businessman described the case as “unprecedented,” saying “$10 million is only the first step” and predicting that other alleged victims would file similar complaints. He said any money recovered through legal proceedings would be used to support Russian troops.

“A thief belongs in prison. Even if he sat in the White House,” he concluded.

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Malofeev has been under US sanctions since 2014. The American authorities said the $10 million had been invested in a Texas-based bank holding company before the restrictions were imposed, but accused him of later trying to transfer the investment to a business associate in violation of the sanctions.

A US court ordered the forfeiture of about $5.4 million linked to the investment in 2023. Garland subsequently authorized its transfer to the State Department to support Ukraine. The US Justice Department later said the money was used to assist Ukrainian veterans.

Malofeev has denied violating US sanctions and previously said he held no money or property in the West after 2014.

The Biden administration provided $65.9 billion in military assistance to Ukraine following the escalation of the conflict in February 2022, while imposing successive rounds of sanctions on Russia.

US President Donald Trump has criticized his predecessor’s support for Kiev, saying Washington was “getting fleeced” and claiming the US had committed $350 billion to Ukraine.

Moscow has repeatedly condemned Western arms deliveries to Kiev, arguing that they prolong the conflict, and has denounced sanctions and the seizure of Russian assets as “theft.”