A Russian tycoon placed under house arrest in September in a move that rattled markets has been released hours before President Vladimir Putin’s annual televised press conference.

The arrest of a Russian telecoms and oil tycoon has sent shockwaves through the country’s business community, with some fearing a return to the dark days of a decade ago, when the Kremlin asserted its power by imprisoning the country’s then-richest man and expropriating his companies.

The arrest of a Russian telecoms and oil tycoon has sent shockwaves through the country’s business community, with some fearing a return to the dark days of a decade ago, when the Kremlin asserted its power by imprisoning the country’s then-richest man and expropriating his companies.