The United States Department of Treasury's Office of Foreign Assets Control (OFAC) on Friday imposed sanctions upon seven of Russia's richest oligarchs who allegedly have ties to Russian President Vladimir Putin.
OFAC worded a strong statement that Russian government operates for the disproportionate benefits of oligarchs and government elites.
OFAC designated seven Russian oligarchs and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a Russian bank for conducting malign activity including illegal occupations and supporting war-related activities, as per an official release.
Further Treasury Secretary Steven T. Mnuchin said, "Russian oligarchs and elites who profit from this corrupt system will no longer be insulated from the consequences of their government's destabilizing activities".
The action is taken under the Executive Order (E.O.) 13661 and E.O. 13662, authorities codified by the Countering America's Adversaries Through Sanctions Act (CAATSA), as well as E.O. 13582.
Earlier in January 2018, the Department of the Treasury issued CAATSA Section 241 under which it identified senior Russian government officials and oligarchs misusing their position and privileged access to the government.
Further, any relations or contacts of the US citizens with the designated individuals have been frozen. Two general licenses have been issued to the public to notify of the same.
Suleiman Kerimov and Andrei Skoch are designated for being officials of the Government of the Russian Federation including the owners of various other corporations.
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