US sanctions hit trustees with Swiss passports

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Liechtenstein trustees are said to have camouflaged and managed the assets of the Russian oligarchs. The US tax office raises this accusation and therefore places a trustee on the US sanctions list.

The related company, Sequoia Treuhand Trust, is based in Ruggell, Liechtenstein. As “Tages-Anzeiger” writes, at least two of those sanctioned hold Swiss passports.

Authorities take action

The US sanctions authority, Ofac, accuses the company of having close business relations with the close circle of Russian ruler Vladimir Putin (70). About his friend and confidant Gennady Timchenko (70). Experts estimate the fortune of Timchenko and his family at 18.5 billion US dollars.

Timchenkos is said to have enjoyed the services of Ruggell trustees, as did oligarch Alisher Usmanov (69). Ofac accuses Sequoia of “managing oligarch-related luxury properties.” Usmanov is considered one of the richest men in Russia, as well as a personal friend of Putin. His name has been on Western sanctions lists since 2022. The names of Usmanov and Timchenko are also on the Liechtenstein sanctions list, so officials there are now investigating whether the trust company violated it.

The company was surprised in its initial statement to the local newspaper “Liechtensteiner Vaterland”: “We are doing everything we can to clarify as quickly as possible why the sanctions have arisen.” Cooperation is made with “of course the responsible authorities”.

Where is Graceful?

The name of the trustee is not the first to appear in connection with the Russia deals. The company is also said to be involved in a structure used by an offshore company to disguise Putin as the true owner of an ocean-going yacht called Graceful.

The $150 million ship docked in Hamburg before disappearing just before Russia attacked Ukraine. (he)

Source :Blick