A former Russian banker accused of fraud has been granted political asylum in Britain.



Announcing the news to Russian media on March 1, former Bank of Moscow head Andrei Borodin said the legal case against him in Russia was politically motivated.



Russian authorities said they would continue to seek Borodin's extradition.



Borodin’s lawyer, Dmitry Kharitonov, said he believed his client will not be extradited, adding, "The issue is closed."



There was no immediate word from Britain, where the Home Office does not comment on individual asylum cases.



Borodin fled to London in 2011 to avoid charges stemming from the Bank of Moscow's $14 billion bailout following state-run VTB's takeover.



British authorities denied him political asylum in May 2012, but he filed an appeal.



Interpol has issued an international arrest warrant for Borodin at Russia's request.



Based on reporting by AP, ITAR-TASS, Interfax, and BBC