A German court has released Ukrainian banker and former deputy board chairman of VETEK Borys Tymonkin on bail, 1+1 TV news has reported.

The sum of the bail is unknown.

The report said that Tymonkin could ask for extradition to Israel as he has been a citizen of that country since 2014.

As reported, Ukraine's Prosecutor General's Office put Tymonkin on the international wanted list on May 16, 2014. He is suspected of having committed a criminal offense under Part 1 of Article 255 of the Criminal Code of Ukraine – participation in a criminal organization led by VETEK Group founder Serhiy Kurchenko.

Tymonkin was detained by German law enforcers on June 14, 2015. On June 17, the Public Prosecutor's Office reported that documents for Tymonkin's extradition to Ukraine were being prepared.

On June 30, the Ukrainian version of Deutsche Welle reported that the German court upheld the claim of Germany's prosecutors to arrest Tymonkin and extradite him.

On July 13, it was reported that Ukrainian Public Prosecutor's Office sent a request to Germany to extradite Tymonkin.

Tymonkin is the former deputy chairman of the supervisory council of VETEK, which oversaw the financial direction of the group. In 2001-2013, he was chairman of the board at Ukrsotsbank, in 1994-2001 – deputy board chairman of FUIB.