FBI, Homeland Security and Guardia Civil after search of the yacht in Palma last April. | Alejandro Sepúlveda

Richard Masters, the 52-year-old Briton who lives in Santa Maria and is accused of fraud by the FBI in connection with the seizure of the superyacht Tango, owned by a Russian oligarch, has been released by the Audiencia Nacional high court in Madrid.

His passport has been withdrawn and he must appear before the judicial authority every fortnight.

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The US authorities had asked the court for his immediate extradition, but the judge, Alejandro Abascal, has not granted this. The prosecutor in the case requested that he be ordered to prison because he considered there was a risk of flight. However, the judge didn't accept this either, so around 2pm on Saturday his release was decreed.