Michael Calvey, a successful American businessman, had never anticipated finding himself in a Moscow detention center before. He spent 25 years constructing a lucrative venture capital company in Russia, elevating various tech startups to global recognition. However, his world took a dark turn when F.S.B. agents raided his apartment and subsequently incarcerated him in a filthy detention cell.
In his recently published book, “Odyssey Moscow,” Calvey provides a detailed account of his harrowing experience through the Russian legal system, which was brought about by a fabricated fraud case initiated in 2019. He transitioned from a prosperous businessman in Russia to an unjustly imprisoned individual in a matter of terrifying hours. Calvey’s story serves as a cautionary tale of the personal and professional risks involved in conducting business in Russia, mainly in light of its potentially corrupt court system.
Despite President Trump’s optimism about future economic collaborations between the US and Russia, Calvey’s experiences underscore the uncertainty and danger that Western businessmen face when engaging in Russian commerce. Calvey, 57, helped pioneer foreign investments in Russia, aiding in the development of renowned internet giant, Yandex, and digital banking titan, Tinkoff Credit Systems. However, his company, Baring Vostok Capital Partners, found itself in a bitter commercial dispute with dubious Russian partners.
After filing a case in a London arbitration court, his partners convinced the F.S.B. that Calvey and several other partners were involved in a massive fraud as part of a malevolent foreign scheme targeting Russia’s financial sector. Despite the lack of evidence, Calvey and his partners endured extended periods in jail or under house arrest.
In fact, many influential Russians, including top government officials and business executives, defended Calvey. However, the F.S.B. would not back down, and President Putin himself attempted to settle the matter by ordering officials to find something to charge Calvey with. After his release from prison, Calvey endured a period of confinement to his apartment with an electronic monitoring device and strict curfews. The Russian courts also denied him medical treatment for a cancerous tumor, as the monitoring device could not be removed.
Calvey’s story presents a unique look into Russia’s prison system, where he was held in a cell with other non-violent inmates, including government officials and businessmen. Their cell was tidy, with shared responsibilities and equal living conditions. Calvey dedicated his book to his fellow incarcerated individuals.
During his trial, Calvey and his lawyer encountered numerous absurdities, as F.S.B. control over the court system was evident in the repetitive prosecution arguments and lack of witness testimonies. According to Calvey, the Russian populace suffers the most from its own judicial system.
Calvey was ultimately convicted in 2021 and given a suspended five-year sentence for misappropriation of funds. This verdict tainted his many contributions to Russian businesses.
Calvey began his work in Russia in 1991, establishing Baring Vostok to create companies catering to Russia’s emerging middle class. Although his experiences have left him disillusioned with the country, he continues to foster internet startups abroad and acknowledges the potential for future investments in Ukraine, should a peace deal be reached.
Overall, Calvey’s story warns of the ever-present geopolitical tensions that can turn any businessman into a mere pawn in the high-stakes game between Moscow and Washington.
Source: https://www.nytimes.com/2025/03/23/world/europe/michael-calvey-russia-jailed.html
