U.S. Blocks Oligarch’s Trust and Prohibits Gold Imports as REPO Task Force Releases Results

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Friday, July 15, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
7
Abstract: 

On June 30, 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it has given Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian oligarch Suleiman Abusaidovich Kerimov has a property interest.  On June 29, 2022, the Russian Elites, Proxies, and Oligarch (REPO) Task Force announced it has blocked or frozen more than $30 billion worth of sanctioned Russians’ assets.  On June 28, 2022, the U.S. Treasury announced it was implementing G7 commitments by prohibiting gold imports and targeting Russian defense industrial base, military and intelligence units, and sanctions evaders.