Published On: Thu, Nov 6th, 2014

Putin Pal Gennady Timchenko Investigated for Money Laundering

Russian billionaire Gennady Timchenko,   whose oil firm Gunvor has been targeted by US sanctions

With the U.S. tightening up investigations into suspected activities by Russian leader Vladimir Putin’s inner circle, the spotlight is now on Russian tycoon Gennady Timchenko, who might have transferred his illegal gains through the U.S. financial system, as reported by the International Business Times.

The allegations are that Guvnor Group, founded by Timchenko, purchased oil that is majority controlled by the Russian state before selling it to third parties. Such transfers could amount to money laundering. After the U.S. declared sanctions against Russia following its conflict with the Ukraine, the U.S. has declared the right to seize assets from prescribed individuals. While Timchenko has not directly been put under sanctions, his suspicious activities may make him vulnerable to various actions by the U.S.

Timchenko complained that he was not able to use a private jet after a U.S. firm denied technical support. In early October, the Duma passed a law that would allow it to foreign-owned assets to be seized and used to help Russians targeted by sanctions. This was known as the “Rotenberg law” after Putin ally Arkady Rotenberg had his Italian property seized under EU sanctions.

Read more about: , , , , , , , , , , , , , , , , , ,

Wordpress site Developed by Fixing WordPress Problems