Russian court reduces suspended sentence for US investor Michael Calvey

MOSCOW

A court in Moscow on Friday decided to reduce by a year the five-and-a-half-year suspended sentence for US investor Michael Calvey in an embezzlement case.

In August 2021, Calvey was found guilty of defrauding Vostochny Bank of 2.5 billion rubles ($30.2 million) and given a five-and-a-half-year suspended sentence.

During the term, he is allowed to travel but is required to register monthly with the Federal Penal Enforcement Service of Russia, and should inform authorities about intentions to change his permanent place of residence.