A Moscow court has mandated the confiscation of an additional 11.9 billion rubles (approximately $152 million) from Anatoly Chubais, a former Kremlin insider now in exile, along with 12 co-defendants in a civil case regarding a failed memory chip initiative.
Earlier this month, Russia’s state-owned nanotechnology firm Rosnano initiated legal action against Chubais and other past executives, alleging they did not successfully establish large-scale production of MRAM memory chips, a technology claimed to be exclusive to Russia’s microelectronics industry.
Rosnano charged its former leaders with making “unreasonable and irresponsible” choices in the Crocus project, a joint venture with the French company Crocus Technology that received approval in 2011.
By April 2023, total investments in Crocus Nanoelectronics exceeded 200 million euros (around $236 million), but the company filed for bankruptcy in August 2024.
This week, the Moscow Arbitration Court justified the asset seizure by expressing concerns that some defendants residing abroad, facing criminal charges, might transfer their assets offshore while the civil case, expected to take considerable time, proceeds. A preliminary hearing is set for April 1, 2026.
In April, the same court ordered the confiscation of 5.6 billion rubles from Chubais and seven other co-defendants in this matter.
Chubais established Rosnano in 2007 and directed the company until 2020. The current administration sought a review of the former management in early 2022, leading to multiple investigations into alleged fraud, embezzlement, and abuse of power.
Chubais was appointed as the Kremlin’s climate envoy before his resignation and subsequent departure from Russia shortly after the country’s extensive invasion of Ukraine began in February 2022. He subsequently relocated to Israel, where he established a research center at Tel Aviv University.
President Vladimir Putin has indicated that Chubais left Russia to avoid possible criminal charges related to financial misconduct at Rosnano. Russian officials have also demanded his extradition on corruption grounds.
This lawsuit marks Rosnano’s second significant legal action against its previous leadership. In January, the Moscow Arbitration Court is slated to review a case seeking 5.6 billion rubles (approximately $71 million) from Chubais and his associates concerning the unsuccessful Plastic Logic flexible tablet project.
