"Taxpayers Stuck Paying the Bills for Oligarchs’ Seized Yachts and Mansions" - SCW Newswatch 9.25.23
"Assets taken from sanctioned Russian billionaires are costly to maintain as legal hurdles hold up sales; $28,000 a week to keep mold out of the Alfa Nero"
The Wall Street Journal reports on costs associated with holding and maintaining assets seized from Russian oligarchs in connection with sanctions imposed over Russia's aggression in Ukraine.
"... Since Russian tanks rolled into Ukraine, dozens of governments launched an unprecedented effort to pressure Putin ... by going after his well-heeled cronies. The Russian Elites, Proxies, and Oligarchs Task Force, a multinational government group that coordinates on sanctions, reported in March that an estimated $58 billion of oligarchs’ assets, including yachts, mansions and investments, have been frozen or blocked because of their owners’ links to the Kremlin. ... [F]reezing an asset doesn’t immediately give authorities the right to take ownership and sell it. In many cases that comes only after complicated legal efforts to show those sanctioned people committed crimes, a process that could take months or years. ... [I]t is often taxpayers who are on the hook ... to maintain a fleet of high-end yachts and mansions that no one is allowed to use while sanctions remain in place. ..."
Click here for "Taxpayers Stuck Paying the Bills for Oligarchs’ Seized Yachts and Mansions; Assets taken from sanctioned Russian billionaires are costly to maintain as legal hurdles hold up sales; $28,000 a week to keep mold out of the Alfa Nero" - SCW Newswatch 9.25.23
Key Words: Russia, Sanctions, Ukraine, Russo-Ukrainian War, Oligarchs
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