Post a Comment Print Share on Facebook
Featured inclusivo Transporte y Turismo Coronavirus Madrid música

What is a Russian Oligarch? As the U.S. issues sanctions, here's what you need to know

The U.S. Justice Department created a taskforce to pursue the assets Russian oligarchs.

- 153 reads.

What is a Russian Oligarch? As the U.S. issues sanctions, here's what you need to know


The Biden administration has promised to seize their yachts and luxury apartments as well as private jets. What are oligarchs? How is their wealth linked to Russia's invasion Ukraine?

What is a Russian Oligarch?

Oligarchs are extremely wealthy business leaders with political connections . They became more prominent within Russia in the 1990s. However, they are not a unique phenomenon in Russia.

Numerous Russian oligarchs benefit greatly from Russian President Vladimir Putin’s regime. Some even hold political positions.

Putin, for example, opened a bridge to Crimea in 2018, a region Russia annexed in 2014. The bridge was constructed by Arkady Rotenberg's firm, and the truck that he drove over it was built by Sergei Chemezov’s state corporation Rostec. According to The Carnegie Moscow Center, a think tank that focuses on foreign and domestic policy,



 

In politics, there is often a succession plan for political oligarchs. According to The Carnegie Moscow Center, Dmitry Patrushev (son of Nikolai Patrushev of the Russian Security Council) was appointed Russia's minister for agriculture.

The U.S. sanctioned many Russian oligarchs in 2018 for their involvement in the occupation of Crimea, and for inciting violence in Ukraine, according the U.S. Treasury Department. Rotengberg's son, Patruskev, were also included in the latest round of sanctions due to their involvement with this regime.

In a press release, Treasury Secretary Steve Mnuchin stated that "Russian elites and oligarchs who benefit from this corrupt system won't longer be insulated against the consequences of their government’s destabilizing actions."

Why is it that some oligarchs are being sanctioned right now?

According to the Justice Department, the multi-agency initiative Task Force KleptoCapture is a new initiative that aims at enforcing the severe sanctions, export restrictions, and economic countermeasures the United States and its allies have imposed against Russia after its unprovoked invasion in Ukraine.

These sanctions were imposed to "isolate Russia from global markets" and impose severe costs for the unjustified war. They target crimes committed by Russian officials, government-aligned leaders, and those who help or conceal illegal conduct.

In a press release, Deputy Attorney General Lisa O. Monaco stated that "to those bolstering Russia's regime through corruption or sanctions evasion: We will deprive You of safe haven & Hold You Accountable." "Oligarchs, beware: We will use every tool we have to freeze and seize all your criminal proceeds."

The task force will hold the sanctioned Russian elite responsible for the invasion of Ukraine. However, it won't be easy to track down their assets and seize their assets.

These extremely wealthy and powerful people, including Vladimir Putin, have taken extensive steps to protect their wealth all over the world.

Some oligarchs try to avoid penalties by moving assets - like their mega-yachts - into territories where sanctions do not apply. They are able to evade prosecution and their property can't be seized.

What now?

Bill Browder, a financier and anti-corruption advocate, told CBS News senior investigative reporter Catherine Herridge that the goal was to get Putin to end the war. Browder stated that "we're not ready for military warfare."

A few wealthy Russians have voiced their disapproval at Putin's attack against Ukraine. Mikhail Fridman founded one of Russia's largest and most important private banks. He said that he doesn't believe war is a viable solution.

Evgeny Lebedev was the son of an oligarch, and the owner of London's Evening Standard. He published a statement on his front page under the headline "President Putin, please end this war!"

"As a Russian citizen, I beg you to stop Russians from killing their Ukrainian brothers. Lebedev , whose father Alexander Lebedev is a former KGB agent and bank owner, wrote that he asked for Europe's help as a British citizen.

Another Russian business mogul, Oleg deripaska took to Telegram to share his comments. According to The Associated Press, he is considered an ally to Putin but stated that peace is "very important" and that talks to end the war should start "as soon possible."

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.