On 10 May, the US Justice Department announced that it had transferred millions of dollars in assets seized from a Russian oligarch for use in rebuilding Ukraine, marking the first such use of forfeited funds arising from sanctions violations, The New York Times reported.
US attorney general allows first transfer of Russian oligarch’s confiscated assets to Ukraine
The Justice Department transferred the assets under a provision of a law enacted in late 2022 that authorized it to send certain forfeited assets to the US State Department to be spent on remediating damage from Russia’s full-scale invasion of Ukraine.
These assets were originally obtained from a US financial institution after an investigation traced them to sanctions evasion by Konstantin Malofeyev, a Russian oligarch who supported Russia’s invasion of Ukraine. In 2014, the Treasury Department imposed sanctions on Mr. Malofeyev for financing the Russian promotion of separatism in the Crimean Peninsula and Donetsk, Ukraine’s regions currently occupied by Russia.
Read also:
- Ukraine might get first funds from confiscated Russian money
- Russia’s war has caused $311 billion of direct damage to Ukraine – media
- Ukraine seizes USD 870,000 of sanctioned Russian oligarch Deripaska
- Russian oligarchs moved assets before Russian invasion of Ukraine to evade sanctions – US Treasury
- The EU considers prohibiting access to ports for vessels transporting Russian oil above the price caps
- Russia’s economy will not collapse in a year or two, Ukrainian top strategist says
- EU considers exports curbs against countries that help Russia avoid sanctions, FT says
- Is Russia Insider sponsored by a Russian oligarch with the ties to the European far right? (2015)
