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Due to a property stake held by sanctioned Russian businessman Suleiman Kerimov. The US Treasury Department claimed that it took enforcement action against Delaware-based Heritage Trust on Thursday. Therefore, imposing restrictions.
The action makes the trust, which has a value of more than $1 billion, subject to the same limitations as Kerimov. It prohibits American participation in its administration or financial contributions.
It is the most recent move to enforce Washington’s extensive sanctions against Russian oligarchs and elites. Therefore, following Moscow’s invasion of Ukraine on February 24, which resulted in thousands of deaths and millions of displaced people.
Due to its association with the sanctioned Russian businessman Suleiman Kerimov. The US Treasury informed a Delaware-based trust that it is freezing $1 billion in assets on Thursday.
Russia and Ukraine War
With Russia’s war in Ukraine still ongoing, the United States and its allies have been actively pursuing ways to aggressively crack down on sanctions, evasions. And increase the penalty to Moscow for extending the battle. This is why Thursday’s action is timely.
The statement claims that the purpose of Thursday’s action is to deny Kerimov access to the trust’s resources. Following his identification as a representative of the Russian government in 2018, Kerimov became the target of US sanctions.
Senior Treasury Department officials told reporters the investigation, which lasted more than a year. Even after being nominated, Kerimov continued to manage the money through a proxy. Therefore, concealing his involvement by employing international and American shell firms to conduct the business.
According to the U.S. Justice Department, Kerimov’s $300 million yacht was impounded in Fiji in May at the government’s request. This month, the yacht reached Hawaii.
Heritage Trust has ties to Kerimov, but the Treasury Department also noted on Thursday that his nephew, Ruslan Gadzhiyevich Gadzhiyev, is a beneficiary of the trust. Furthermore, “his continued property interest in Heritage Trust provides a second and independent basis for blocking Heritage Trust,” In March, Gadzhiyev received a sanction.