Meet the oligarchs: the Russian billionaires whose jets, yachts and mansions are now in the crosshairs
For a growing number of Russia’s richest and most powerful men, now would be a very bad time to take their private jets and superyachts to their mansions in the United States.
Yesterday, the White House announced it would expand the list of Russian oligarchs subject to full blocking sanctions – the highest level of restrictions – as it ramps up punishment against Russia for its invasion of Ukraine. Some of the newly named oligarchs overlapped with a list of Russian elites on whom the European Union imposed sanctions earlier this week, although there were some notable differences.
The federal government won’t just stop at freezing these targets’ assets, but will seize them, Joe Biden announced in his State of the Union address on Tuesday.
In charge of appropriating these assets will be KleptoCapture, a newly announced justice department taskforce, with support from the treasury department, FBI, IRS and other federal agencies. Under US law, the justice department may use civil forfeiture to confiscate the proceeds from foreign crimes, including corruption, when they are found in the United States.
Their efforts will complement those of a transatlantic taskforce announced over the weekend between the United States, France, Germany, Italy, the United Kingdom, Canada and the European Commission.
“We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets. We are coming for your ill-begotten gains,” Biden said.
The Feds may have their work cut out. US regulations are lax when it comes to requiring disclosures of real estate transactions by foreign individuals, making the country a prime destination for Russian’s uber-rich looking to snap up prime properties without scrutiny.
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