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Illustration: Lazaro Gamio/Axios

Mike Calvey was an American success story in Moscow. The U.S. citizen and University of Oklahoma alum founded Baring Vostok Capital Partners in 1994, investing nearly $3 billion into local companies — including an early bet in Yandex at a valuation of just $15 million (current market cap on the Nasdaq is $10.3 billion).

Where they stand: Now Calvey is in a Russian jail, as are three of his BVCP partners, on fraud charges related to what Western eyes would view as a civil shareholder dispute. More specifically, Calvey is being quarantined in a solitary cell, reportedly without any money in his "jail account" to even buy basic toiletries.

  • "The arrest of Michael Calvey sends two messages to foreign investors: The rules of the Russian business jungle apply even to those who do things by the book and neither foreign citizenship nor a stellar investment record are grounds for an exemption. The Kremlin appears happy to underline both," writes The Moscow Times.

What happened: BVCP in 2010 acquired a Russian consumer bank that soon fell on hard times, eventually merging with a fellow troubled lender led by a local investor known for his government ties.

  • Things soured quickly, with Calvey accusing the investor of asset-stripping his bank prior to the merger — including via a London legal action that's now in arbitration.
  • The Russian investor, via an associate, countered by arguing that BVCP artificially inflated the value of what it contributed to the merger; and it's that accusation that resulted in Calvey's criminal arrest. Seriously.
  • Calvey and BVCP deny any wrongdoing, and his fellow BVCP partners remain physically in Russia. This includes Elena Ivashentseva, who originally sourced the Yandex investment, and is now co-leading the firm on an interim basis alongside Alexei Kalinin.

The bottom line: Foreign direct investment in Russia had already fallen off a cliff, and this is basically throwing an anvil on top of it. Any outside investor who considered opening the next BVCP, or even a Russian satellite fund, will now wait to see the Calvey situation resolved.

Go deeper: House Democrats plan vast Russia probe

Go deeper

Pentagon report: Domestic extremists pose serious threat to military

Pro-Trump supporters storm the U.S. Capitol in tactical gear. Photo: Samuel Corum via Getty Images

Domestic extremists pose a serious threat to the military by attempting to recruit service members into their movement, according to a Pentagon report released Tuesday.

Why it matters: Domestic extremism in the military has become a growing concern in recent years, the report notes. It blew into a bigger issue after the Justice Department charged several former and current military members for their involvement in the Jan. 6 Capitol riots, which the FBI classified as domestic terrorism.

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.