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Russian oligarch Viktor Vekselberg accused of bank fraud, money laundering as yacht is seized

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The yacht referred to as “Tango” owned by Russian billionaire Viktor Vekselberg, who was sanctioned by the U.S. on March 11, is seen at Palma de Mallorca Yacht Membership within the Spanish island of Mallorca, Spain March 15, 2022.

Juan Medina | Reuters

U.S. authorities accused Russian oligarch Viktor Vekselberg of conspiring to commit financial institution fraud and cash laundering as his mega yacht was seized in Spain on Monday.

Vekselberg, who was born in Ukraine however based Russia-based conglomerate Renova Group, noticed his yacht named Tango seized by Spanish investigators after the U.S. and Western allies hit him with sanctions.

The latest U.S. sanctions got here after Russia invaded Ukraine. The sanctions focused Vekselberg’s yacht and personal jet.

Spanish authorities seized the boat after a request by the U.S. Division of Justice, the division stated in a press release. Video published on the DOJ’s YouTube page reveals the FBI and Spanish authorities boarding Vekselberg’s yacht.

Tango is over 250 ft lengthy and is believed to be price $90 million, the Justice Division stated. Vekselberg was amongst a bunch of oligarchs sanctioned in 2018 by former President Donald Trump’s administration. Forbes estimates his internet price to be slightly below $6 billion.

Vekselberg’s yacht is the most recent asset owned by a Russian oligarch to be seized after the invasion of Ukraine. The U.S. and its allies have tried to squeeze Russia’s elite as a part of their effort to punish Moscow for the battle.

A brand new warrant to grab the yacht, signed by a consultant from the Federal Bureau of Investigation, provides a glimpse into the allegations that Vekselberg conspired to commit financial institution fraud and cash laundering. The FBI accused Vekselberg of utilizing these techniques to obscure his possession in Tango.

A consultant for Vekselberg didn’t reply to a request for remark.

The warrant alleged that “Vekselberg induced funds for the TANGO to be run by numerous shell firms as a way to stop U.S. monetary establishments from precisely executing their KYC [Know Your Customer] controls and as a way to keep away from the submitting of SARs [Suspicious Activity Reports] associated to his monetary transactions.”

The FBI warrant stated the alleged scheme is tied to net of little identified firms which have monetary curiosity in Vekselberg’s yacht. Many of those small firms hyperlink again to the Russian billionaire, the bureau stated.

The FBI added that the alleged scheme has been ongoing since 2011.

The yacht is owned within the identify of an organization referred to as Arinter, based on the warrant. The FBI stated one of many firm’s organizational administrators, RE.A.M. Administration Restricted, has a sister firm in Russia with an equivalent identify that has a direct relationship with Vekselberg’s firm, Renova.

Arinter’s company administrators are two Panamanian residents who’re additionally officers of an organization often known as Lamesa Transport LLC, based on the warrant. The restricted legal responsibility firm “seems to be an affiliate of different shell firms owned or managed by Vekselberg,” the FBI stated.

“This difficult administration and proprietor construction seems to be for the aim of obfuscating Vekselberg’s connection to the TANGO, as a way to insulate the vessel from inquiries about funds made on its behalf,” the bureau alleged.

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