The United States Department of Treasury announced Thursday that the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force deputies had frozen more than $58 billion of sanctioned Russian assets, including illicit crypto transactions.
The task force held its sixth deputies meeting on March 9, 2023, to commemorate REPO’s efforts and success since its launch.
The deputies formed by the U.S. Justice Department, Home Affairs, Finance, Trade Minister, and the European Commissioners are made up of members from Australia, Canada, Germany, Italy, France, Japan, the U.K. and the European Commission.
REPO Clamps Down on Sanctioned Russians
Since Russia’s invasion of Ukraine, the task force said it has worked around the clock to restrict sanctioned elites in Russia from accessing the international financial systems, revenue streams, and other economic resources.
According to the press release, REPO has seized, frozen, and confiscated yachts, cryptocurrencies, aircraft, luxury real estate, and other properties owned and controlled by the sanctioned elites across the globe.
The task force also coordinated the “first forfeiture of assets of a sanctioned Russian, paving the way for the transfer of $5.4 million in funds as foreign assistance to Ukraine.”
REPO attributed the success to collaborations between global law enforcement and the private sector.
REPO Determine to Freeze Sanctioned Assets
While listing its achievements, the NEPO also pledged to double down efforts to ensure that the elites do not evade sanctions until a peaceful resolution exists between Russia and Ukraine.
“As Russia’s war of aggression continues, REPO members remain determined in their commitment to impose steep costs on Russia. REPO will continue to identify, locate, and freeze the assets of sanctioned Russians to deprive the Kremlin of the funds it needs to fight its illegal war,” said the task force.
The European country received backlash and warnings last year from international organizations and the European Union during the initial stages of the Russo-Ukrainian war.
As the war intensified, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the European Union resorted to imposing stringent sanctions on Russia to limit the war and ensure that Russia complies with international laws it had violated.
The sanctions sought to deprive Russians access to the financial market, technologies, and other imports that could be used to fund its war against Ukraine.
However, pro-Kremlin groups and propaganda associations raised money using digital assets despite the sanctions.
According to blockchain security firm Chainalysis, these groups procured $5 million in crypto to support their cause.
