European Shares Stay Steady Near Record Highs as Year-End Trading Slows

Post by : Saif Nasser

A German investigation into alleged foreign trade law violations by Russian-Uzbek billionaire Alisher Usmanov has been closed, according to a statement released by his lawyers in Germany. The case had drawn attention because Usmanov is under European Union and United States sanctions linked to the war in Ukraine.

The probe focused on claims that around 1.5 million euros were paid for security services at two homes in the Bavarian lakeside town of Rottach-Egern between April and September 2022. German prosecutors were also examining whether luxury items such as jewellery, artwork, and wine had not been properly declared to Germany’s export control office, as required under EU sanctions rules.

Usmanov has strongly denied any wrongdoing. His legal team said he had no connection to the companies that made the payments under investigation. They also stated that he did not own or control the properties linked to the security services. According to the lawyers, EU sanctions were not directly relevant to the specific issues being examined in this case.

The lawyers said the decision to close the investigation was made to save time and resources for all parties involved. They added that their public statement was coordinated with German prosecutors, who were expected to issue their own comment on the matter later.

As part of the arrangement to close the case, Usmanov agreed to pay 10 million euros. This amount will be split between the German state budget and charitable organizations in Germany. His lawyers stressed that this payment is not a fine and should not be seen as a punishment or an admission of guilt.

Usmanov, who founded USM Holdings, is one of the wealthiest businessmen with an estimated net worth of $18.8 billion, according to the Bloomberg Billionaires Index. He has been subject to EU and U.S. sanctions and a travel ban since the early stages of the conflict in Ukraine. These measures have limited his ability to travel and conduct business in many countries.

This is not the first time a case involving Usmanov has been closed under similar terms. In November 2024, German prosecutors dropped a separate money laundering investigation against him, also following an agreement that included a financial payment.

The closure of the latest probe may ease some legal pressure on Usmanov, but his broader situation remains complex due to ongoing international sanctions. For now, his lawyers say the German matter is settled, bringing an end to another chapter in a series of legal challenges faced by the billionaire in Europe.European stock markets remained calm and steady on Tuesday, staying close to record highs as investors slowed their activity in the final days of the year. After strong gains throughout 2025, many traders chose to pause, showing caution ahead of the New Year holiday.

The pan-European STOXX 600 index was slightly higher in early trading, rising just 0.08% to around 589.69 points. This level is close to its highest point ever. The index is set to finish the month, quarter, and full year with solid gains, reflecting a strong performance by European companies in 2025.

Major markets across the region showed little movement. Britain’s FTSE index edged up by about 0.1%, while France’s main stock index slipped slightly by 0.1%. These small changes highlighted the quiet mood in markets, with many investors already stepping away for the holidays.

Among the different sectors, basic resource stocks performed the best. Shares in this group rose more than 1% as silver and gold prices stabilised after falling back from recent record levels. Banking stocks also did well, gaining around 0.7%, supported by expectations of stable interest rates and healthy balance sheets. The aerospace and defence sector posted modest gains as well.

On the other hand, healthcare and consumer-related stocks weighed slightly on the market. These sectors saw small declines, as investors showed less interest in defensive and spending-related companies during the slow trading period.

Market activity is expected to remain thin throughout the week because of the New Year holiday. With fewer traders active and limited company news, sharp price moves are unlikely. In such conditions, even small trades can cause short-term changes, but overall direction usually remains muted.

Investors are now paying closer attention to global signals, especially from the United States. Later in the day, the minutes from the U.S. Federal Reserve’s December meeting are due to be released. These minutes may offer clues about future interest rate decisions and the central bank’s view on inflation and economic growth.

As 2025 comes to an end, European markets appear to be closing the year on a strong and stable note. While caution has taken over in the final sessions, the overall picture reflects confidence built over months of steady gains and improving economic outlooks across the region.