Richard Masters, the British businessman based in Mallorca who was arrested in January at the request of US authorities, will not be extradited.
The Audiencia Nacional high court in Madrid has considered the extradition request from the District of Colombia's attorney.
There were fifteen charges, the main one having had to do with business operations involving front companies used by Russian oligarch Viktor Vekselberg to hide the ownership of his yacht, Tango.
As far as the court and Spain's Prosecution Office are concerned, the involvement of Mr. Masters' company in maintenance of the yacht did not constitute a crime. Under Spanish law, he had not committed any crime and, therefore, the necessary requirements for extradition were not met.
Vekselberg has been on the US State Department's list of sanctions since the invasion of Crimea in 2014 because of his support of the Putin regime. However, the European Union did not include him in any sanctions package at that time. Given this, activity carried out by Mr. Masters was fully legal.
A charge of money laundering has been dismissed by the court. The US authorities have not proven that funds used to maintain the yacht came from any criminal activity.
Mr. Masters was arrested at Madrid-Barajas Airport. After appearing before the Audiencia Nacional, he was released pending the resolution of the extradition process.
Meanwhile, the yacht is still moored at the Club de Mar in Palma at the expense of the Americans. It was seized in April 2022 following sanctions imposed because of the invasion of Ukraine.