Russia suddenly gets richer as “Kremlin List” oligarchs ditch Western banks


February 14, 2018 – FRN – 

Vesti  – by Inessa Sinchougova

Graphic borrowed from EurActiv – it attempts to imply that Putin rules over all major officials, justifying sanctions. 

New sanctions are about to be introduced against a number of persons involved in the “Kremlin List”, said the head of the US Treasury Department, Stephen Mnuchin. 

This statement was made at a hearing in the Finance Committee of the US Senate, answering a question about the future plans of the Washington administration to implement the law “On Countering America’s Opponents through Sanctions.” The law was adopted in the US in the summer of 2017. The Act provides for a toughening of the sanctions regime to Russia, Iran and North Korea.

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Mnuchin explained that the decision to tighten sanctions against Russian special services and the defense industry complex will be made not by the US Treasury, but by the State Department.

The US Treasury is only instructed to prepare proposals for imposing sanctions on Russian oligarchs and members of the Russian government.

An open version of the “Kremlin list” was published in late January 2018. It was made up of 210 people, including the Prime Minister of Russia Dmitry Medvedev , all the members of his government, as well as the management of the presidential admnistration, businessmen and heads of some state-owned companies and state-owned banks.

The expectation of new sanctions has already led to a massive inflow of funds to Russia, as oligarchs withdraw their money from Western banks. The money is returning to Russia primarily from Switzerland, London and Austria.

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