18 C
Thursday, November 30, 2023

US turns to new ways to punish Russian oligarchs for the war

- Advertisement -
- Advertisement -

WASHINGTON, March 14 (AP): The U.S. has begun an aggressive new push to inflict pain on Russia’s economy and specifically its oligarchs with the intent of thwarting the Kremlin’s invasion of Ukraine. From the Treasury Department to the Justice Department, U.S. officials will focus on efforts to legally liquidate the property of Russian oligarchs, expand financial penalties on those who facilitate the evasion of sanctions, and close loopholes in the law that allow oligarchs to use shell companies to move through the U.S. financial system.

Andrew Adams, who heads the U.S. government’s KleptoCapture task force, designed to enforce the economic restrictions within the U.S. imposed on Russia and its billionaires, told TheAssociated Press that the group is prioritizing its efforts to identify those who help Russians evade sanctions and violate export controls.

- Advertisement -

“These illicit procurement networks will continue to take up an ever-increasing amount of our bandwidth,” said Adams, who also serves as acting deputy assistant attorney general. So far, more than $58 billion worth of sanctioned Russians’assets have been blocked or frozen worldwide, according to a report last week from the Treasury Department. That includes two luxury yachts each worth $300 million in San Diego and Fiji, and six New York and Florida properties worth $75 million owned by sanctioned oligarch Viktor Vekselberg.

The U.S. has begun attemptsto punish the associates and wealth managers of oligarchs — in Vekselberg’s case, a federal court in New York indicted Vladimir Voronchenko after he helped maintain Vekselberg’s properties. He was charged in February with conspiring to violate and evade U.S.sanctions. The case was coordinated through the KleptoCapture group. “I think it can be quite effective to be sanctioning facilitators,” Adams said, calling them “professional sanctions evasion brokers.”

A February study led by Dartmouth University researchers showed that targeting a few key wealth managers would cause far greater damage to Russia than sanctioning oligarchs individually. Other attempts to inflict pain on the Russian economy will come from the effortsto liquidate yachts and other property owned by Russian oligarchs and the Kremlin, turning them into cash to benefit Ukraine.

Ukrainian President Volodymyr Zelenskyy has long called for Russian assetsto be transferred to Ukraine, and former Biden administration official Daleep Singh told the Senate Banking Committee on Feb. 28 that forfeiting Russia’s billions in assets held by the U.S. is “something we ought to pursue.”

- Advertisement -

Singh suggested the U.S. should “use the reserves that we have immobilized at the New York Fed, transfer them to Ukraine and allow them to put them up as collateral to raise money.” He ran the White House’s Russia sanctions program when he was national security adviser for international economics. Adams said the KleptoCapture task force is pursuing efforts to sell Russians’yachts and other property, despite the legal difficulties of turning property whose owners’ access has been blocked into forfeited assets that the government can take and sell for the benefit of Ukraine.

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur
Latest news
- Advertisement -
Related news
- Advertisement -
Real Names Of 10 Indian Rappers Benefits of Eating Eggs In The Morning India’s Top 10 Coldest Places Most Religious Countries In The World 7 Famous Street Markets Of India