More than $30 billion in Russian funds and other financial assets have been frozen by the U.S. and its allies since the invasion of Ukraine, according to the Department of Justice.
Russian President Vladimir Putin gave a speech during the opening ceremony of the International...
The Russian Elites, Proxies, and Oligarchs Task Force is made up of representatives from the U.S., the U.K., Australia, Italy, Germany, France, Japan, and the European Commission.
The billion-dollar figure doesn't include the personal possessions seized from Russians, like swathes of luxury real estate and multiple superyachts.
According to the DOJ, the sanctions prevent Russia from acquiring the technology and other goods that would allow it to continue its war in Ukraine.
Russia's cost of its war will be increased by economic sanctions.
The aim of the task force was to put economic pressure on Russia to end the war in Ukraine. Dozens of billionaires are among the hundreds of Russians with ties to the Kremlin who have been hit with sanctions. On Tuesday, the U.S. imposed new sanctions on 70 Russian entities and 29 individuals in connection with the country's defense, industrial, technology, and manufacturing sectors. Russian gold was not allowed. Russia became the first country in more than a century to default on its foreign debt.
Moody's says that Russia has Defaulted on its foreign debt.
The U.K. sanctions mining magnate Vladimir Potanin.
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