Home » Lifestyle » US officials and NYC lawmakers call on Russian oligarchs' real estate to be seized
US officials and NYC lawmakers call on Russian oligarchs' real estate to be seized
NYC pushes for seizure of Russian oligarch homes
FOX Business’ Madison Alworth reports on the city’s efforts on ‘Varney & Co.’
As U.S. lawmakers continue to call for all of Putin’s cronies to be sanctioned, New York City leaders are now pushing to target Russian oligarchs who own real estate along Central Park.
Many of these oligarchs also own property in Miami and the United Kingdom, and often hide their identities behind layers of shell companies, trusts and limited liability companies.Used as financial vehicles, the mansions and penthouses are worth up to tens of millions of dollars.
AS RUSSIA SANCTIONS INTENSIFY, RUSSIAN OLIGARCHS SPEAK OUT AGAINST UKRAINE WAR
While a number of Russian billionaires are on the U.S. sanctions list, but don’t have traceable property in their names, some have yet to be sanctioned. Some individuals are coming under fire for having close ties with Putin and using U.S. properties to stash trillions of dollars of stolen assets from the Russian people.
It’s prompting lawmakers to push efforts to expand the U.S. sanction list and also seize properties.
"We need to sanction these people," Mark Levine, president of Manhattan Borough, told FOX Business. "We need to put pressure on Putin and send a message to the world that the behavior we're seeing in the Ukraine will be punished no matter where people are trying to hide."
Levine is calling on the U.S. Treasury Department to add names to the U.S. sanctions list so the city can "go to work seizing those properties."
Through one of the loopholes in legislation, these oligarchs are allowed to transfer wealth to families and friends without retribution. It’s estimated that there is at least $12 trillion tucked away in offshore accounts, according to human rights group, Global Witness.In NYC alone, a full accounting of the real estate holdings exceeds a billion dollars of value, Levine said.
MEET PUTIN'S INNER OLIGARCH CIRCLE AS US SANCTIONS FLY
One of the Russian oligarchs not on the U.S. sanctions list, Roman Abramovich, owns nearly $100 million worth of property in the city. As the owner of the Chelsea soccer club and known as Putin’s banker, he holds a net worth of more than $13.8 billion. His real estate portfolio includes properties on East 75th Street and East 73rd Street.