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An international working group set up in March to put pressure on Russia to end its war in Ukraine has blocked funds and property worth more than $ 30 billion from Russian oligarchs.
In addition to seizing yachts and luxury homes, the working group, known as REPO (Russian Elites, Supporters and Oligarchs), said Wednesday that it has frozen about $ 300 billion in assets of the Russian Central Bank. Ukraine is seeking frozen funds for the reconstruction of war-torn regions.
“The work of REPO is not over yet,” the group said in a statement. “In the coming months, REPO members will continue to track down Russian-sanctioned assets and will not allow sanctioned Russians to undermine the REPO group’s measures.”
The US-led task force was set up on March 17 to seize the assets of Russian individuals and entities sanctioned in connection with Russia’s February 24 attack on Ukraine. In addition to the United States, members of this group include Australia, Britain, France, Germany, Italy, Japan, and the European Commission.
Since the beginning of the attack on Ukraine, the US Treasury Department has imposed sanctions on hundreds of entities and individuals close to Russian President Vladimir Putin.
In the latest move Tuesday, the Treasury Department announced sanctions against 70 Russian entities, many of which are considered critical to Russia’s defense capabilities, and 29 Russian individuals.
As part of the US pressure campaign against Russia, the US Department of Justice set up the KleptoCapture working group in March. Working with foreign partners, the working group has seized assets owned by Russian oligarchs worth hundreds of millions of dollars.
In April, Spanish authorities, at the request of the Department of Justice, seized a super yacht owned by Russian billionaire Viktor Vekselberg.
In May, Fiji authorities blocked a $ 300 million yacht owned by another sanctioned oligarch, Suleiman Kerimov. The 106-meter-long luxury yacht Amadea arrived in San Diego Bay on Monday, the Department of Justice said.
Ukrainian officials say they want to seize frozen Russian assets, including hundreds of billions of dollars in Russian Central Bank reserves, to fund Ukraine’s reconstruction.
Last month, Ukrainian President Volodymyr Zelenskyy said the cost of rebuilding his country’s economy and infrastructure could run up to $ 600 billion.
Several European countries have backed Ukraine’s request, while the Justice Department has asked Congress for authority to transfer to Ukraine some of the proceeds from the confiscation of oligarchs’ assets.
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