Cutting off Putin's funding... US adds oligarchs and Putin's spokesperson to sanctions list (Update)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] On the 3rd (local time), the U.S. Biden administration unveiled additional economic sanctions targeting oligarchs and their families who are close associates of Russian President Vladimir Putin. The move aims to cut off Putin's financial lifelines by tightening the noose around the 'Putin backers,' including Russian billionaire Alisher Usmanov.

The White House announced these sanctions, stating, "The United States, in cooperation with allies and partners, is targeting the Russian privileged class and their families who continue to support President Putin despite his brutal invasion of Ukraine."

Accordingly, their assets in the U.S. will be frozen and blocked from the financial system. The use of their property will also be prohibited. The White House said, "They have gained wealth and high status at the expense of the Russian people," adding, "The Treasury Department will share financial information to support the Department of Justice’s criminal prosecutions and asset seizures."

The full sanctions list includes eight individuals such as Dmitry Peskov, Putin’s spokesperson; Usmanov, owner of Russian steel company Metalloinvest; and Boris Rotenberg, shareholder of the gas pipeline construction company Stroigasmontazh. The sanctions cover not only them and their families but also the companies they own, as well as their private jets and yachts.

The White House described Peskov as "Putin’s top political propaganda provider." Regarding Usmanov, also known as the 'Steel King,' they said, "He is Russia’s wealthiest individual and a close associate of President Putin," noting that the sanctions will include the world’s largest luxury yacht and Russia’s largest private jet owned by him. Usmanov is already on the sanction lists of the European Union (EU) and the United Kingdom. Germany previously seized the luxury yacht 'Dilbar,' valued at approximately $600 million, at a Hamburg shipyard.

Additionally, the White House will impose visa restrictions, including entry bans into the U.S., on 19 Russian oligarchs and 47 of their family members and associates. Sanctions will also be imposed on seven organizations and 26 individuals spreading disinformation within Russia.

The sanctions announced on this day are interpreted as an effort to increase pressure by cutting off the financial resources of emerging oligarchs who are close to President Putin and are believed to have funded the war. The White House stated it will work with governments worldwide to identify and freeze their yachts, luxury apartments, and other assets obtained through illicit gains. White House spokesperson Jen Psaki said at a briefing, "We want President Putin to feel the pressure," adding, "We also want his close associates to feel the pressure." She also confirmed in an interview with CNN that President Biden has no plans to meet or speak directly with President Putin.

President Biden, during a meeting with cabinet members on the same day, confirmed that sanctions against Russia have already had a serious impact and pledged to continue the strongest coalition economic sanctions in history in cooperation with allied countries. He emphasized, "The goal is to maximize the impact on President Putin and Russia while minimizing harm to the United States and its global allies and partners."

The United Kingdom also announced sanctions targeting Russian figures such as Usmanov and former Deputy Prime Minister Igor Shuvalov, including asset freezes, entry bans, and prohibitions on transactions with domestic companies. Their assets, including real estate worth hundreds of billions, are estimated at $19 billion. UK Foreign Secretary Liz Truss announced the launch of an 'Oligarch Task Force' composed of the Home Office, Treasury, Department for Business, Housing, and the National Crime Agency to enforce oligarch sanctions.

This content was produced with the assistance of AI translation services.