How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more Ambassador Jacobson Visits Gondar in the Amhara Region to Show Continued U.S. Support for the Humanitarian and Development Needs of EthiopiansRead more Voluntary Repatriation of Refugees from Angola to DR Congo ResumesRead more Senegal and Mauritania Are Rich in Resources, Poor in Infrastructure, Now Is the Time to Change That Read more Madinat Jumeirah: Dubai’s Stunning Four Hotel Beach Resort Offers Unirvalled Benefits for Summer StaycationsRead more Measles: EU Provides €450,000 in Humanitarian Response to Measles Outbreaks in SomaliaRead more

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

show caption
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
Print Friendly and PDF

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.

LMBCNEWS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.