DOJ says allies froze $30 billion in Russian oligarch’s assets

The 106m long and 18m high super luxury motor yacht Amadea, one of the largest yachts in the world, is seen after being anchored at Pasatarlasi jetty for bunkering with 9 tankers, on 18 February 2020 in Bodrum district of Mugla province in Turkey.

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The Justice Department said on Wednesday that the United States and its allies had frozen more than $30 billion in the Russian oligarch’s assets and tied up about $300 billion in Moscow’s central bank funds.

The Russian Elites, Proxies and Oligarchs Task Force (REPO) has released new details on the progress of a multilateral effort to seize high-value properties from Russian business titans.

World leaders believe their attempts to seize oligarchs’ luxuries, including yachts worth hundreds of millions of dollars, will fuel continued political pressure on Russian President Vladimir Putin to end his invasion of Russia. ‘Ukraine.

While the Justice Department deemed the task force’s first 100 days a success, it said the work “is not done yet.”

Over the coming months, the REPO task force “will continue to track Russian-sanctioned assets and prevent sanctioned Russians from undermining the measures that REPO members have jointly imposed,” the DOJ said in a press release.

“We seek to maximize the impact of sanctions on designated individuals and entities while protecting against fallout that affects global commodity markets and food supplies, which Russia has disrupted by choosing and continuing to wage war. “, added the department.

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US law enforcement and treasury sanctions officials say Russian yacht and yacht management companies are key to a vast network of front companies used by the country’s elites to secure ill-gotten profits .

Many sequestered ships feature luxury amenities and construction, with gold and marble bathrooms, rare wooden decks sized to accommodate helicopters, multiple cars, and multiple swimming pools.

Since Putin began his invasion in February, the United States and other world powers have united to support Kyiv through economic sanctions against Moscow and munitions deliveries to Ukrainian forces.

Russia’s attack has also breathed new life into NATO, the defensive military alliance formed in the aftermath of World War II that now comprises 30 member states.

In a historic move, the Western military organization on Wednesday sent formal invitations to Sweden and Finland, both of which cited Putin’s territorial aggression for moves to bolster their own alliances.

A NATO official said that “Finland and Sweden’s membership will make them more secure, NATO stronger and the Euro-Atlantic area more secure”, adding that the security of Finland and Sweden during the accession process is of “direct importance”.

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