It’s no secret that former President Joe Biden is cozy with Russian oligarchs. What’s less well known is the extent to which these relationships have benefitted Biden and his family.
In this article, we’ll take a look at some of the most notable connections between Biden and Russian elites. We’ll also explore what these relationships could mean for the future of U.S.-Russia relations.
Biden And Russian Oligarchs: Understanding The Links
President of the United States Joe Biden is asking Congress for additional authority to confiscate and use the assets of Russian oligarchs.
The request is a component of a bigger financial plan for assistance to Ukraine as it fights to stave off Russia’s invasion that began on February 24.
The White House described the proposal as a “complete legislative package,” adding that it will “improve the United States Government’s capacity to hold the Russian government and Russian billionaires accountable for President Putin’s war against Ukraine.”
Biden has asked lawmakers to pass a law making it illegal to “knowingly or willfully possess money directly gained from corrupt relations with the Russian government” as one of the steps.
Additionally, the measures would double the statute of limitations for foreign money laundering offenses to 10 years, expand the definition of “racketeering” under US law to include attempts to circumvent sanctions, and allow the federal government to use the proceeds from the sale of seized Russian oligarchs’ assets to benefit the Ukrainian people.
The plan was unveiled by the White House on Thursday, just before Biden would formally request further US funding in the billions for arming Ukraine’s military during a speech at the White House.
Additionally, he will call for money to support the millions of refugees who fled Russia’s invasion two months ago as well as to boost the economy of Ukraine.
“Build Ukraine Up”
Last week, Ukrainian President Volodymyr Zelenskyy urged the proceeds of sanctioned property and Central Bank reserves to be utilized to make up for Ukraine’s losses in a virtual speech to leaders of the International Monetary Fund and the World Bank.
According to him, blocked Russian assets “must be utilized to pay for the losses inflicted to other nations as well as to rebuild Ukraine after the war.”
At the time, Treasury Secretary Janet Yellen stated that such steps would require congressional authorization.
According to World Bank President David Malpass, the war has cost more than $60 billion in building and infrastructure damage to date. And according to the IMF’s most recent assessment of the global economy, Ukraine’s economy will contract by 35% this year and the following.
Hundreds of Russian officials implicated in or thought to be aiding its invasion of Ukraine, as well as dozens of oligarchs and their families, have all been sanctioned in recent weeks by the US and its allies throughout the world.
According to the White House, the new tools will make it harder for anyone to avoid the sanctions, which will have a more severe effect on the economy and ruling elite of Russia.
In order to locate assets around the world, the United States has already begun collaborating with allies and partners:
- The Russian Elites, Proxies, and Oligarchs Task Force was established in March by the United States, under the direction of the Departments of the Treasury and Justice, to coordinate the freezing and seizure of Russian assets abroad.
- Over $30 billion in assets have reportedly been frozen by EU member states so far, including nearly $7 billion in aircraft, boats, and artwork.
- Member nations of the REPO Task Force have seized dozens of vessels. The U.S. Treasury has imposed sanctions, barred ships and planes worth more than $1 billion, and frozen hundreds of millions of dollars worth of Russian elites’ assets in American bank accounts.
- Following criminal charges, Treasury designated a global network of sanctions evaders linked to Konstantin Malofeyev last week, stepping up its crackdown on the flow of illicit assets.
- The Department of Justice said earlier this month that Spain had, at the request of the United States, $90 million, seized a 255-foot, yacht owned by sanctioned Russian businessman Viktor Vekselberg
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