US TREASURY BLOCKS OVER $1 BILLION IN SULEIMAN KERIMOV TRUST

On 30 June, the US Treasury reported that OFAC had announced it has issued a Notification of Blocked Property to Heritage Trust, a Delaware-based trust in which OFAC-designated Russian oligarch Suleiman Abusaidovich Kerimov holds a property interest.  As of 30 June, Heritage Trust holds assets valued at over $1 billion, and this action ensures that those assets remain blocked and inaccessible to Kerimov.   Heritage Trust was formed in July 2017 for the purpose of holding and managing Kerimov’s US-based assets.  It is said that enforcement investigation unearthed the oligarch’s use of a network of relatives, advisers, and opaque legal entities to invest in the US.

https://www.usnews.com/news/best-states/maryland/articles/2022-06-30/treasury-blocks-1-billion-trust-owned-by-russian-oligarch

https://mondovisione.com/media-and-resources/news/us-treasury-blocks-over-1-billion-in-suleiman-kerimov-trust-enforcement-inv/

https://www.theguardian.com/us-news/2022/jun/30/us-russian-oligarch-sanctions-suleiman-kerimov

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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