The Biden administration has taken a step ahead in penalizing Russian oligarchs as a result of Russia’s continued aggression against Ukraine.
The US would seize and freeze the majority of Russian billionaires’ and oligarchs’ assets.
Real estate, massive boats, and other luxury goods worth millions of dollars are among the oligarchs’ assets that are at stake.
According to reports, America is working with its friends to form new teams to try to freeze the assets.
Janet Yellen, the US Treasury Secretary, and Merrick Garland, the US Attorney General, launched a work committee called REPO on Wednesday. This task group is in charge of enforcing oligarch sanctions.
REPO, which stands for Russian Elites, Proxies, and Oligarchs, will be given more power and will be tasked with investigating various oligarchs and wealthy persons with ties to President Vladimir Putin.
The group is currently looking for 50 people, with the identities of 28 of them already being made public.
After Russia’s attack on Ukraine, the Biden administration is finally cracking down on Russian oligarchs’ American assets—including a lot of real estate. Tackling this type of corruption is long overdue—and tricky. Here’s why:— Citizens for Ethics (@CREWcrew) March 16, 2022
The White House announced the task force’s existence by stating that Italy, the United Kingdom, France, and a few other countries are part of the coalition that will collect information from the wealthy in order to sanction them.
This organization will collaborate with another group called KleptoCapture, which is led by the US Department of Justice. The squad is also tasked with uncovering information on Russia’s oligarchs and billionaires.
According to reports, US sanctions against Russia are wreaking havoc on the country.
This may be seen in Russia’s inability to acquire some critical military equipment, not to mention the fact that about $600 billion in Russian assets has already been blocked.