The Uzbekistan-born billionaire and metal magnate, who re-elected as president of the International Fencing Federation last year, facing European Union sanctions imposed after Russia’s full-scale invasion of Ukraine in 2022.

The prosecutors’ office in Munich said on Tuesday that the investigation into Usmanovwhich prompted police raids on several properties in Germany linked to him three years ago, will be dropped when the payment is received.

Some funds and assets linked to Usmanov have been frozen under EU sanctions. An investigation into allegations of money laundering was dropped last year, his press office said in a statement.

Prosecutors said Usmanov is suspected of transferring around 1.5 million euros through foreign-based companies for the management of two properties in the seaside town of Rottach-Egern, south of Munich, in the months after the sanctions were imposed.

He is also accused of failing to declare valuables to the authorities, including jewelry, paintings and wines.

Usmanov’s defense team challenged the allegations about his ties to companies and luxury goods and the application of EU law to the case.

Prosecutors said the suspension of the investigation into the payment was authorized under German criminal law.

The 10 million euros will be distributed between the state treasury, a Bavarian victim support foundation and an association for the welfare of prisoners and probation services, the prosecutor’s office said.

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This story has been corrected to show that the payment of 10 million euros was not a fine and that an investigation into possible money laundering was dropped last year.