French historical theme park company Puy du Fou, known for large-scale reenactment shows, continued pursuing a venture with associates of sanctioned Russian oligarch Konstantin Malofeyev after the EU blacklisted him, newly obtained documents indicate. The project included a planned park in Russian-occupied Crimea, The Guardian reported.
The records cast doubt on Puy du Fou’s portrayal of the later activity as an orderly withdrawal. They also detail a proposed ruble payment structure intended to limit the sanctions’ effect. The revelations come as the company seeks approval for a £600 million theme park in Oxfordshire, England.
Records show project continued after sanctions
The partnership itself was already public. Puy du Fou planned parks near Moscow and in occupied Crimea with Malofeyev’s investment fund.
Malofeyev founded Tsargrad, a Russian Orthodox nationalist media company. The EU and US sanctioned him as a leading financier of Russian-backed separatists in eastern Ukraine.
In the meantime, the oligarch has built a network of universities aimed at spreading Russian nationalist ideology.
Nicolas de Villiers and Malofeyev had signed terms for a joint venture on 12 July 2014.
The EU sanctioned Malofeyev 18 days later, citing his alleged financial backing for Russia’s annexation of Crimea.
Puy du Fou told the Guardian that it stopped working with Malofeyev as the sanctions regime took effect. It said withdrawing from its Russian projects and partners took slightly more than a year.
However, the records show Puy du Fou staff considering how to keep the project alive after the sanctions. It was named Tsargrad—the same name Malofeyev uses for his media company.
Staff proposed ruble payment structure
A September 2014 proposal envisioned Malofeyev financing a Russian entity. That company would transfer operating proceeds to Puy du Fou International through a ruble-denominated account. Notes said the account would “avoid probable effect of sanctions.”
A later phase envisioned an offshore company jointly owned by Malofeyev and Puy du Fou. It would hold the shows’ intellectual property and distribute dividends from the Russian venture.
The Guardian found no evidence that the proposed structure was implemented.
Still, a January 2015 budget allocated 23.5 million rubles, then almost £500,000, for casting, offices, and other costs. Records also indicate that Puy du Fou partly funded payments to employees of Malofeyev’s Marshall Capital. The United States sanctioned Malofeyev’s company in December 2014.
Correspondence about the project continued into July and August 2015. A sanctions lawyer told the Guardian that restrictions applied immediately and had no automatic wind-down period.
Puy du Fou declined to say whether it obtained a sanctions license authorizing the wind-down activity. It said it never paid a sanctioned entity and complied with French and EU law.
Political affinities behind the partnership
The partnership also reflected political and cultural affinities. The Guardian linked their relationship to shared traditionalist Catholic beliefs and far-right hostility toward Muslims and LGBTQ+ rights.
Philippe and Nicolas de Villiers met Russian President Vladimir Putin in occupied Yalta in August 2014. Philippe criticized Western sanctions and praised Putin, while Nicolas described the Russian leader as having “sweet words and sweet eyes.”
Philippe no longer runs Puy du Fou but remains a director. A 2023 Institute of Innovative Governance report, which mapped 83 pro-Kremlin figures in France. The report's findings described the former minister as a pro-Russian politician, flagging his business ties to Malofeyev, including the Crimea park contract.
