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Russian oligarchs' 'seized' assets are in legal limbo in the US
Yahoo Finance
Russian oligarchs' 'seized' assets are in legal limbo in the US
Alexis Keenan · Reporter
Sat, March 26, 2022, 7:25 AM
The possessions of Russian oligarchs — yachts, planes, homes, cars, and cash — subject to “seizure” under White House sanctions, are in a state of legal limbo that requires U.S. people, and not the U.S. government, to temporarily manage them.
“The burden, effectively, is sitting with the person who's holding that blocked property,” Dave Johnson, a sanctions law expert and partner with Vinson & Elkins, told Yahoo Finance. “To set it aside, and then deal with it in a way that’s consistent with the law.”
The U.S. and its allies have targeted Russian people and entities tied to the Kremlin and Russian President Vladimir Putin since Russia's unprovoked invasion of Ukraine on Feb. 24. The U.S. hit Russia with an array of other economic sanctions including bans on imports such as oil in addition to the asset seizures, as the government attempts to inflict what the White House calls "maximum pain" on Russia's economy.
So far, the White House has not identified the value of property subject to sanctions. However, President Joe Biden announced the Kleptocracy Asset Recovery Rewards Program, which was formed to help the U.S. identify and recover assets linked to Russian corruption. ... “We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said during his State of the Union Address on March 1. "We are coming for your ill-begotten gains.”
{snip}
Russian oligarchs' 'seized' assets are in legal limbo in the US
Alexis Keenan · Reporter
Sat, March 26, 2022, 7:25 AM
The possessions of Russian oligarchs — yachts, planes, homes, cars, and cash — subject to “seizure” under White House sanctions, are in a state of legal limbo that requires U.S. people, and not the U.S. government, to temporarily manage them.
“The burden, effectively, is sitting with the person who's holding that blocked property,” Dave Johnson, a sanctions law expert and partner with Vinson & Elkins, told Yahoo Finance. “To set it aside, and then deal with it in a way that’s consistent with the law.”
The U.S. and its allies have targeted Russian people and entities tied to the Kremlin and Russian President Vladimir Putin since Russia's unprovoked invasion of Ukraine on Feb. 24. The U.S. hit Russia with an array of other economic sanctions including bans on imports such as oil in addition to the asset seizures, as the government attempts to inflict what the White House calls "maximum pain" on Russia's economy.
So far, the White House has not identified the value of property subject to sanctions. However, President Joe Biden announced the Kleptocracy Asset Recovery Rewards Program, which was formed to help the U.S. identify and recover assets linked to Russian corruption. ... “We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets," Biden said during his State of the Union Address on March 1. "We are coming for your ill-begotten gains.”
{snip}
5 replies
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