Russian billionaire Alisher Usmanov's 512-foot yacht, Dilbar, valued at $600 million and regarded as the largest motor yacht in the world by gross tonnage, was seized by German authorities earlier this month. Oligarchs at Your Table: What U.S. Sanctions Mean for Entities With Ownership Interests Held by Sanctioned Persons
There are practical consequences when any ownership interest, even if small, is held by a sanctioned person.
April 22, 2022 at 11:35 AM
10 minute read
Investments and Investment Advisory
In response to Russia's invasion of Ukraine, numerous countries have imposed sanctions that target wealthy Russian elites close to President Vladimir Putin, including oligarchs, heads of state-owned companies, and government officials, along with their family members and companies owned by them. As a result of these sanctions, these individuals and entities have been added to various sanctions lists, such as the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Person List (SDN List), the HM Treasury's Office UK Sanctions List (UK List), or the EU's Consolidated Financial Sanctions List (EU List). These sanctions have expansive consequences, with immediate impact beyond just the individuals and entities specifically added to the sanctions lists.
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