Putin might not be able to save them, but the lawyers, accountants and sanctions havens are giving it a go.
Chelsea FC and several U.K. mansions shortly after the U.K. and EU began slapping sanctions on other Russian oligarchs, but before Abramovich’s name came up. It still hasn’t.
Another plus for targeted oligarchs: U.S. authorities live in fear that sanctions could come back to harm Americans, according to a former sanctions official who asked to remain anonymous due to the sensitivity of the topic. “There’s a concern that some sanctions come with derivative sanctions, because of an oligarch’s ownership structures in core assets,” the person said.
There are pitfalls out there that haven’t been tested by oligarchs. All bets are off if China, Middle Eastern kingdoms and other key trading partners decide to dip a toe into the sanctions pool. “You have a better chance of evading sanctions if you have another commercial counterpart that has a different view on foreign policy” than the sanctioning countries, said James Reardon, senior associate at the Swiss law firm MLL. That lesson was learned, Reardon said, from U.S.
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