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US Treasury Department blocks $1 billion in assets from Russian oligarch

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Crew members at the Honolulu harbor prepare to dock the yacht Amadea of sanctioned Russian oligarch Suleiman Kerimov, seized by the Fiji government at the request of the United States, on June 16, 2022./AFP
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Jul 01, 2022 - 04:12 AM

ANKARA (AA) – The US Treasury Department announced Thursday it blocked $1 billion in assets of a Russian oligarch in a trust.

The Delaware-based Heritage Trust, in which Suleiman Abusaidovich Kerimov holds property interest, holds assets of more than $1 billion. It was formed in July 2017 to hold and manage Kerimov’s US-based assets, according to the agency.

“This action ensures that those assets remain blocked and inaccessible to Kerimov,” it said in a statement.

Kerimov’s nephew, Ruslan Gadzhiyevich Gadzhiyev, is a beneficiary of Heritage Trust and his property interest in the trust provides a separate and independent basis for Heritage Trust to be blocked, it said.

“Kerimov used a complex series of legal structures and front persons to obscure his interest in Heritage Trust, the funds of which first entered the US financial system through two foreign Kerimov-controlled entities prior to the imposition of sanctions against him,” it said.

The Treasury Department said the funds were invested in large public and private companies and managed by a series of investment firms and facilitators in the US.

Kerimov and his proxies used various layers of shell companies to conceal his interest, it added.

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