Oligarchs, Sanctions, Russia, Trump
The US Department of Justice (DOJ) is dissolving KleptoCapture, a task force dedicated to tracking down and seizing the assets of Russian oligarchs sanctioned after the full-scale invasion of Ukraine in 2022.
According to a memo from Attorney General Pam Bondi, reviewed by Reuters, the DOJ will shift resources away from sanctions enforcement and toward fighting drug cartels and other international crime.
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“This policy requires a fundamental change in thinking and approach,” the obtained document read.
Prosecutors from KleptoCapture will return to their previous roles, and the decision will remain in effect for at least 90 days, with the possibility of extension or becoming permanent.
KleptoCapture’s Legacy: $700 Million in Frozen Assets
Formed in March 2022, KleptoCapture was tasked with enforcing sanctions and export restrictions against Russia, particularly targeting “corrupt Russian oligarchs.”
The group, led by Andrew Adams, focused on foreign investment firms, hedge funds, law firms, and private equity managers suspected of aiding sanctioned individuals.
As of February 2024, the group had seized or obtained court orders to confiscate nearly $700 million in Russian assets, according to the DOJ. More than 70 individuals were charged with violating sanctions and export controls.
The Kremlin has slammed the seizure of Russian assets, labeling it “theft.” In April 2023, Russia passed a law allowing the government to take control of Western-linked property in retaliation for asset confiscations abroad.
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President Vladimir Putin also granted Russian courts the authority to use American-owned assets in Russia as compensation for seized Russian property in the US.
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