US may confiscate assets of Russian igarchs worth USD 700 million

According to Ukrinform, this is stated in a statement by the US Department of Justice.

The ministry said that the Southern District of New York court had filed charges against three pele, including igarch Andr Kostin, who is under sanctions, and arrested two of his intermediaries. The United States also filed a lawsuit to confiscate two luxury condominiums in Miami, located in the Ritz Carlton hotel, worth USD 2.5 million, owned by the sanctioned Russian igarch Viktor Perevalov.

A new indictment was also announced against businessman Vladislav Osipov in a bank fraud case in connection with the eration of a 255-foot luxury yacht Motor Yacht Tango owned by sanctioned Russian igarch Viktor Vekselberg.

"Sanctioned igarch Andrey Kostin and his co-defendants flouted U.S. sanctions to support his exceptionally lavish lifestyle," said U.S. Attorney Damian Williams, "Through complex schemes invving shell companies and illicit transactions, Kostin and his associates allegedly laundered funds and illegally made transactions with U.S. currency for the maintenance and enhancement of Kostin’s superyachts and luxury Aspen home, blatantly disregarding U.S. law."

Read also: UK announces new sanctions against Russia

These measures were initiated by the US Department of Justice's KleptoCapture working group, which was established in March 2022 to track the capital of Russian igarchs in connection with the war.

According to US Deputy Attorney General Lisa Monaco, the task force has filed 70 criminal charges against individuals and five charges against companies, and has ordered the seizure or confiscation of assets worth about USD 700 million.