New Delhi, Dec. 31 -- German prosecutors say they will drop an investigation of Russian oligarch Alisher Usmanov, a close ally of President Vladimir Putin, over possible breaches of sanctions after he agreed to pay 10 million euros (about $11.8 million) to the authorities.

The Uzbekistan-born billionaire and metals magnate, who was reelected as the president of the International Fencing Federation last year, has been facing European Union sanctions imposed after Russia's full-scale invasion of Ukraine in 2022.

The Munich prosecutors office said on Tuesday that the probe of Usmanov, which prompted police raids of dozens of properties in Germany linked to him three years ago, would be dropped upon receiving the payment.

Some funds and as...