MOSCOW, August 13 (RAPSI) - Former CEO of the Yugoria insurance company, Vladimir Volkov, charged with the embezzlement of 200 million rubles ($3mln) and abuse of power has fled to Europe, Izvestia reports on Thursday.

In late July, investigators in the Khanty-Mansiisk Autonomous Area brought embezzlement charges against Volkov and another former top manager, Alexei Semenikhin. They revealed that “the defendants carried out regular embezzlement of entrusted funds” by assigning Yugoria’s contracts to the Yakor insurance company.”

“Since last week, Vladimir Volkov has been on the run. Two weeks before that, after an interview he was released under recognizance not to leave the country because he expressed willingness to close a deal with the investigators and compensate the damage,” a source told the newspaper.

Allegedly, Yugoria’s former CEO crossed the border with Ukraine and then escaped to Europe.

Isvestia reports that, since Volkov expressed his willingness to close a deal with the investigators, he was not arrested and released under recognizance not to leave the country. He took advantage of the situation and left Russia. Therefore, only Semenikhin, currently in detention, will be under investigation in the case.