Former Russian Federation of Bobsleigh (RFB) President Georgy Bedzhamov will remain in Monaco following his arrest in April, after Prince Albert II decided against his extradition back to Moscow.
Russia's official news agency TASS reported that Prince Albert, a member of the International Olympic Committee, has refused to grant his return to Russia, where he is wanted on fraud charges.
A court in Moscow ordered the arrest of Bedzhamov, co-owner of Vneshprombank, in March.
He is charged with an illegal withdrawal of bank assets worth 235 billion roubles (£2.9 billion/$3.8 billion/€3.4 billion).
Bedzhamov had fled Russia earlier this year and an international warrant for his arrest was issued after his sister Larisa Markus was detained in December on accusations of fraud.
It came after the Central Bank of Russia decided to put Vneshprombank into temporary administration.
In July, Moscow City Court dismissed the defence‘s appeal in support of Bedzhamov and rendered the proceedings against him as lawful.
It had been suggested the previous month that he would be released on bail, with the Russian Prosecutor General’s office requesting that Bedzhamov be extradited, promising that he would be held in Russia under conditions that meet international standards, according to reports.
Prince Albert ultimately had the final say on whether he would stay in Moscow or be extradited.
Both Bedzhamov and his sister face up to 10 years in prison if they are found guilty.
Bedzhamov was elected President of the RFB in 2010 but was ordered to "voluntarily" give up his position by Sports Minister Vitaly Mutko in March in the wake of the allegations against him.
He was then replaced in June by Alexander Zubkov, the double Olympic gold medallist who was allegedly doped at Sochi 2014.
The 52-year-old millionaire businessman also became the vice-president of communications at the International Bobsleigh and Skeleton Federation in 2014 and served on the body’s ruling Executive Committee.
Following Sochi 2014, Bedzhamov was also invited to the Kremlin where he received a state decoration from Russian President Vladimir Putin.