US Warns Russian Wealthy: "Tracking Asset Transfers"

[Asia Economy Reporter Kim Hyunjung] The U.S. Department of the Treasury warned that it is "tracking the movement of funds" related to Russia's wealthy individuals and companies, cautioning against financial transactions that evade sanctions and support the war.

The Financial Times (FT) reported, citing a senior U.S. Treasury official, that the U.S. has been monitoring the financial transactions of Russia's wealthy individuals and businesspeople for over a month as of the 29th (local time).

The senior official stated, "Western governments have been imposing sanctions on Russia over the Ukraine war, and we have observed an increase in attempts by wealthy Russians and companies to hide their assets during the past month."

It was explained that Russia's wealthy, already adept at tax evasion, are utilizing Russia's capital controls aimed at preventing the collapse of the financial system.

Additionally, it is known that Russia's wealthy have been purchasing real estate in Turkey and the United Arab Emirates (UAE) to evade sanctions.

A U.S. Treasury official said, "We are seeing movements to siphon off assets and turn companies into shells," adding, "These are techniques that Russian banks, companies, and oligarchic politicians have used for years to conceal their tracks."

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