Western powers are creating a new multilateral task force aimed at countering efforts by Russian oligarchs to evade sanctions imposed in response to the war in Ukraine.
Representatives from the United States and other member countries of the Russian Elites, Proxies, and Oligarchs task force met virtually on Wednesday to coordinate enforcement of the sanctions on Russia, the Justice Department announced.
“Our sanctions, trade restrictions, and other measures have already imposed significant costs on Russia, its leadership, and those who enabled Putin’s unprovoked invasion into Ukraine,” Treasury Secretary Janet Yellen said. “This multilateral task force will raise those costs even more, by galvanizing coordinated efforts to freeze and seize assets of these individuals in jurisdictions around the world and deny safe haven for their ill-gotten gains.”
ZELENSKY CONGRESS ADDRESS POWERFUL, BUT NO-FLY ZONE A NO-GO, LAWMAKERS SAY
During the meeting, the task force discussed plans to assist one another with locating critical Russian assets, preserving important records surrounding the assets, and bringing “enablers and gatekeepers” of illicit funds to justice, the Justice Department said in a statement. The goal is to collaborate on “concrete actions, including sanctions, asset freezing, civil and criminal asset seizure, and criminal prosecution.” The Treasury gave attendees a list of 50 people who are priorities for the U.S to target.
The White House announced its commitment to the task force last month as part of efforts to penalize Russia. Members countries have already collaborated on sanction enforcement, but the new task force is intended to streamline that process, according to the DOJ.
“We are already working with our international partners to freeze and seize properties belonging to sanctioned Russian oligarchs worldwide,” said Attorney General Merrick Garland. “We will continue to work together to take all appropriate actions against those whose criminal acts enable the Russian government to continue its unjust war against Ukraine.”
Members of REPO include Australia, Canada, the European Commission, Germany, Italy, France, Japan, the United Kingdom, and the U.S. Each country is represented by its respective Finance Ministry and Justice or Home Ministry. For the U.S., both Yellen and Garland attended the meeting.
U.S. groups such as the Treasury’s Financial Crimes Enforcement Network and the Kleptocracy Asset Recovery Rewards Program, which also launched Wednesday and offers rewards to the public for information leading to the seizure of key Russian assets, will coordinate with REPO.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Bringing the sting to Russian oligarchs has been a priority for the West, given their power and influence in Russia. Western officials have seized their yachts and villas, frozen their assets, and imposed travel restrictions on the wealthy elite.
Russian oligarchs have also faced private sector fury that has undermined business deals and their standing abroad. One Russian billionaire, Alisher Usmanov, stepped down as president of the International Fencing Federation earlier this month in response to backlash to his Russia ties.
