It has been virtually six months because the launch of a crack international anti-oligarch squad that has labored to seek out and seize luxurious belongings of politicians and others near the Kremlin.

Up to now, the U.S. Treasury Division says, the squad referred to as the Russian Elites, Proxies, and Oligarchs (REPO) Activity Drive has labored with different governments to dam and seize greater than $30 billion belonging to these near President Vladimir Putin.

“We are going to make sure that our sanctions proceed to impose prices on Russia for its unprovoked and persevering with aggression in Ukraine,” Treasury stated in an announcement marking the duty power’s first 100 days.

The Treasury’s confiscatory crackdown is concentrating on most of the similar hidden oligarch belongings that the Worldwide Consortium of Investigative Journalists and its media companions uncovered final fall as a part of its sweeping Pandora Papers investigation. Based mostly on greater than 11.9 million leaked confidential monetary data from 14 offshore service suppliers, the venture revealed the key offshore holdings of greater than 130 billionaires from 45 international locations together with 46 Russian oligarchs.

The Pandora Papers’ Russia findings, together with these of previous ICIJ tasks on the offshore monetary system (compiled right into a single repository of tales referred to as The Russia Archive), turned a go-to useful resource for oligarch-asset hunters worldwide after Western governments rushed to impose financial sanctions on Russia after its invasion of Ukraine in February. Whereas a lot consideration has centered on the imposition of sanctions on billionaires, their relations and even a reported girlfriend of the Russian president, authorities have additionally moved to truly confiscate their luxurious belongings, a a lot larger authorized carry.

The U.S., European and Ukrainian governments have prompt that the sale of yachts, personal jets and different gadgets would assist finance Ukraine’s reconstruction from a warfare that has destroyed or broken virtually 1,000 well being facilities and can price billions of {dollars}.

Imposing sanctions has virtually develop into commonplace. The U.S. authorities says it has carried out rigorous analysis into lots of of Russian oligarchs, politicians and their relations who’ve been sanctioned or banned from getting into america.

However going the following step and confiscating belongings is a fancy authorized course of that may tie up governments for months – if not years. In some circumstances, officers wrestle by means of labyrinthian offshore company constructions to ascertain who owns what. In different circumstances, oligarchs are preventing again in courtroom. Billionaire Alexei Mordashov not too long ago failed to influence a decide to permit him to regain entry to his $68 million yacht, Girl M, on the premise that the yacht’s formal proprietor wasn’t him personally — it’s owned by a shell firm.

Right here’s breakdown of official efforts to grab belongings of oligarchs named within the Pandora Papers and different ICIJ investigations.

Timchenko’s yacht

In March, Italian authorities seized the 130-foot Lena yacht, believed to be owned by Gennady Timchenko, a former KGB schoolmate of President Putin.

The hyperlink was first reported by Pandora Papers media companions, and ICIJ subsequently revealed how attorneys within the British Virgin Islands and the UK, shipbuilders in Italy and bankers in Monaco had all helped Timchenko purchase the Lena in 2010.

A guidelines assembled by attorneys within the BVI to adjust to native legal guidelines included reference letters for Timchenko from bankers and different particulars concerning the billionaire oil dealer.

One secret doc, a 2009 belief settlement, confirmed Timchenko managed the BVI shell firm that, in accordance with public paperwork, owned the yacht. Months later, the corporate granted Timchenko, his family and friends the precise to make use of the Lena “solely for pleasure functions.”

In March 2014, the U.S. Treasury Division sanctioned Timchenko for his ties to Putin amid Russia’s efforts on the time to destabilize Ukraine. Months later, an inner doc produced by legislation agency Alemán, Cordero, Galindo & Lee described Timchenko’s firm as “low danger.”

Information present the shell firm, Roxlane Company Ltd., continued for years to make funds in U.S. {dollars} for the yacht’s repairs. Regardless of the sanctions towards Timchenko, data present the BVI legislation agency paid $300 in September 2014 to cowl the yacht’s “Annual Register Upkeep Charge” and one other $250 in April 2016 for “VESSEL M/Y LENA” on behalf of his firm.”

Chemezov household’s yacht

In March, Spain reported seizing the Valerie, a $153 million super-yacht owned by Sergei Chemezov, the billionaire chief government of Russian protection contracting big Rostec. Like Timechenko, the U.S. sanctioned Chemezov in 2014 following Russia’s invasion of Ukraine.

The Pandora Papers revealed how Chemezov’s spouse, Ekaterina Ignatova, and his step-daughter, Anastasia Ignatova, have been central gamers within the household’s offshore empire. Pandora Papers data present the household was value greater than $350 million and linked to 9 firms registered within the BVI and Belize between 2005 and 2016.

One of many BVI firms owned the Valerie, in accordance with ICIJ media associate IStories’ reporting as a part of the Pandora Papers venture.

Mordashov’s yacht

In March, Italian authorities seized a luxurious yacht linked to Russia’s richest man, Alexei Mordashov. Months later, an Italian courtroom rejected a request to unfreeze the yacht, the Girl M. The courtroom discovered that Mordashov was the true proprietor of the yacht — not the corporate whose identify seems on official paperwork.

An ICIJ investigation primarily based on the Pandora Papers trove revealed how Mordashov used a Cypriot holding firm and greater than 60 shell firms registered within the BVI to spend money on European firms and, inside Russia, take massive stakes within the coal, logging and media industries.

The Pandora Papers describe how accounting big PwC’s Cypriot unit helped Mordashov construct the offshore infrastructure of his enterprise empire. ICIJ discovered the advisers additionally helped him and his life associate, Marina Mordashova, register firms to personal the Girl M and a Bombardier luxurious jet.