MOSCOW: A Moscow court has toughened an embezzlement conviction against a French banker who left the country years earlier, converting his initial suspended sentence to jail time, Russian state media reported Wednesday.
Philippe Delpal, a former senior executive at the Baring Vostok investment group, received a four-and-a-half year suspended sentence in 2021 for allegedly swindling funds from Vostochny Bank — partly owned at the time by a businessman linked to Vladimir Putin.
Delpal was sentenced alongside his business partner, US investor Michael Calvey, both of whom vehemently denied the charges.
The case shocked Russia’s business community and triggered an outflow of foreign capital from Russia.
The latest move, while likely to have little impact, comes as relations between Moscow and Paris plummet to new lows as the Kremlin shifts blame for the three-year Ukraine conflict from the United States to Europe.
Both Calvey and Delpal left Russia once the travel restrictions in their suspended sentences were lifted.
Moscow’s Tverskoy Court on Wednesday replaced Delpal’s initial suspended sentence “with a real one” following a petition from Russia’s federal prison service, Russia’s state TASS news agency reported.
Delpal, who spent six months in jail before he was put under house arrest, received the suspended sentence in 2021.
Five Russian associates who said they were innocent also received suspended sentences of between three-and-a-half years to five years.
A Moscow court later reduced Delpal’s sentence from four-and-a-half years to three-and-a-half-years.

NEW DELHI: Egypt is trying to attract more Indian companies, particularly in the sectors of renewable energy, chemicals and information technology, its embassy in India said on Wednesday, as Investment and Foreign Trade Minister Hassan El-Khatib is on a visit to New Delhi to forge more partnerships.

El-Khatib arrived in India on Sunday for a four-day visit during which he met Commerce and Industry Minister Piyush Goyal.

He discussed with Goyal ways of “attracting more Indian investments to the Egyptian market in vital sectors such as new and renewable energy, chemicals, automobile manufacturing and its components, pharmaceutical products, textiles, communications and information technology,” the Egyptian Embassy said in a statement to Arab News.

“Both sides expressed their aspiration to increase the volume of trade exchange between the two countries in the next five years. It was agreed to work on raising the trade volume from $4.2 billion in 2024 to $12 billion.”

El-Khatib also attended the India-Egypt Business Roundtable held by the Confederation of Indian Industry.

“The discussion highlighted new opportunities emerging in trade and investments in Egypt, and the pivotal role of the Indian industry toward leveraging these opportunities. Emphasis was also made over the opportunities in the Suez Canal Economic Zone,” the CII said after the meeting.

The Egyptian minister said his government was prepared to provide Indian investors with “all forms of support and facilitation” in the special zone.

Established in 2015, the SCZone spans 461 sq. km and includes six ports and four industrial zones along the Suez Canal — one of the world’s most important maritime routes.

Talks on establishing a dedicated Indian industrial cluster in the special economic zone have been underway since 2023, when relations strengthened following Egyptian President Abdel Fattah El-Sisi’s visit as chief guest of India’s Republic Day celebrations and Indian Prime Minister Narendra Modi’s official trip to Cairo.

“Egypt is working to accelerate economic growth and views India as a major partner in this regard. India is one of the largest trading partners of Egypt in the world and over 50 Indian companies have invested nearly $3.15 billion in the Egyptian market,” Md. Muddassir Quamar, associate professor at the Centre for West Asian Studies, told Arab News.

The first investment agreement by an Indian company with the SCZone was signed in February. Under the $5 million deal, India’s Volkov Infra will establish a plant producing silico manganese and ferrosilicon from quartz and manganese ore in the East Ismailia Industrial Zone, known as “Technology Valley,” Quamar said.

“These are encouraging signs and the two sides are likely to further strengthen trade, investment and economic relations given India is keen to capitalize on the growing economic opportunities in the Eastern Mediterranean region.”