31 March 2022

Russian Oligarchs ‘Seized' Assets Are In Legal Limbo In The U.S.

Morrison & Foerster LLP


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Andrea Delisi and Nathanael Kurcab spoke to Yahoo Finance about how the possessions of Russian oligarchs
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Andrea Delisi and Nathanael Kurcab spoke to Yahoo Finance about how the possessions of Russian oligarchs - yachts, planes, homes, cars, and cash - subject to "seizure" under White House sanctions are in a state of legal limbo that requires U.S. people, not the U.S. government, to temporarily manage them.

"It's really up to all of us to do what's required," Andrea said of the law, which requires "U.S. persons" to both block the property and report it to the Treasury Department's Office of Foreign Assets Control (OFAC), which could be onerous for anyone stuck with Russian assets that can't be put to use. "When we're talking about physically blocked property, like a yacht or an airplane, and you're the storage facility, that's a huge burden on you."

There are pathways for sanctioned parties to seek a return of their property, but Nathanael added that OFAC is unlikely to grant a party an exemption from the sanctions list, unless the U.S. government added them by mistake. "It's a discretionary decision for OFAC," he said. "And in my experience, not often successful. But there are good examples out there of parties who were mistakenly sanctioned."

Read the full article.

Originally published by Yahoo Finance

Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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