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U.S. Warns of Russian Sanction Cheats in Commercial Real Estate

The Biden administration has cautioned financial institutions that Russian elites could invest in commercial real estate as a way of evading sanctions. So reports Bloomberg.

russia 1020934 640smallcroppedThe Treasury Department’s Financial Crimes Enforcement Network said that sanctioned entities might rely on complexity and lack of transparency around commercial real estate to maintain their U.S. financial presence.

“Thanks to international pressure and the economic restrictions that more than 30 countries have imposed on Russia for its brutal war against Ukraine, sanctioned Russian elites are increasingly left with fewer options for moving and hiding their ill-gotten wealth, ' Himamauli Das, acting director of FinCEN, said in a statement. 

Read the full article from Bloomberg.

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