Russian businessman Konstantin Malofeev has accused the administration of former US President Joe Biden of stealing $10 million of his assets, part of which was subsequently transferred for use in Ukraine.
Russia’s Investigative Committee opened a criminal case on Friday following a request from Malofeev concerning the seizure of his assets in the United States. Russian investigators said they are seeking to establish which American officials were involved in the decisions surrounding the confiscation.
Malofeev, who owns Russian television channel Tsargrad, said US authorities seized $10 million belonging to him, with approximately $5.4 million later transferred for purposes connected with 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 further alleged that Biden and Garland established an “organized criminal group” between 2021 and 2024 for the purpose of confiscating Russian state assets and property belonging to Russian nationals.
Malofeev also accused the former US administration of using the seized funds to support Ukrainian forces, claiming that “Biden financed terrorists who kill Russian people.”
Calling the Russian criminal investigation “unprecedented,” the businessman said the disputed $10 million represented only a starting point and predicted that other Russians whose property had been confiscated could pursue similar complaints. He said that any funds ultimately recovered through legal proceedings would be directed towards supporting Russian troops.
“A thief belongs in prison. Even if he sat in the White House,” Malofeev said.
Malofeev has been subject to US sanctions since 2014. According to American authorities, the $10 million investment had been placed in a Texas-based bank holding company before those restrictions were introduced. US authorities subsequently alleged that Malofeev attempted to transfer the investment to a business associate in breach of the sanctions.
In 2023, a US court ordered the forfeiture of approximately $5.4 million connected with the investment. Garland later authorised the funds to be transferred to the US State Department for assistance to Ukraine. The US Justice Department subsequently said the money was used to support Ukrainian veterans.
Malofeev has rejected allegations that he violated US sanctions and has previously maintained that he has held no money or property in Western countries since 2014.
During Biden’s presidency, Washington provided $65.9 billion in military assistance to Ukraine following the escalation of the Russia-Ukraine conflict in February 2022, alongside successive sanctions against Moscow.
US President Donald Trump has criticised the previous administration’s spending on Ukraine, arguing that Washington was “getting fleeced” and claiming that US commitments amounted to $350 billion.
Moscow has consistently opposed Western military assistance to Ukraine, maintaining that weapons deliveries prolong the conflict, while also characterising Western sanctions and seizures of Russian assets as “theft.”
