US confiscates Russian oligarch assets to give them to Ukraine

It is reported by Reuters.

Malofeev, Tsargrad TV owner, was accused of financing separatism in Crimea and was subject to US sanctions in 2014. Eight years later, the American prosecutor's office accused him of evading sanctions.

In late 2022, prosecutors stated that they had the right to seize Malofeev's Denver Sunflower Bank account money because he violated US sanctions by trying to transfer it to a business partner. 

The Russian oligarch did not contest the forfeiture request, therefore the funds should be forfeited by default, as it was stated by the prosecutors and approved by the court.

After the confiscation, according to the amendment to the budget legislation adopted in the USA, Malofeev's money can be used to cover the needs of Ukraine.

• On December 22, the US Senate supported an amendment that would allow Russian frozen assets confiscation in favor of Ukraine.

• In mid-December, Canada began the process of arresting and confiscating Abramovich's assets. Great Britain plans to study Canada's experience in confiscating Russian assets.

• The European Commission is studying legal options for the confiscation of Russian state and private property to use the money in Ukraine as restoration payment.