Thread by @Scofield_Fx

Sanctioned Russian oligarchs are getting serenaded by the world’s smallest violin as the EU, UK, and US band together to seize their assets. #RussiaInvadedUkraine

In his State of the Union earlier this month, President Biden promised oligarchs that the West would “seize your yachts, your luxury apartments, your private jets". #RussiaInvadedUkraine

And so far…

Superyachts owned by Russia’s business elites have been impounded in Italy, France, Spain, and the UK territory of Gibraltar. #RussiaInvadedUkraine

Italy seized Russian businessman Alexey Mordashov’s real-estate complex, worth about $116 million. #VladimirPutin

What’s the process of seizing an asset? #Oligarchs #sanctions #Terrorussia

The oligarchs still technically own their yachts and real estate, but cannot sell or transfer them, meaning their mansions are bolted shut and ships are stuck in harbors. #Oligarchs #Russia #sanctions

But tying a cleat hitch knot is just the first trial governments face on a potential yearslong odyssey to actually take ownership of the assets. #Oligarchs #Russia #sanctions

The next step in the US and most European countries involves proving the oligarchs’ criminal actions in court.
#Oligarchs #Russia #sanctions

In the US, litigators have to prove that assets were either directly used to commit a crime or were bought or maintained using criminally acquired funds. #Oligarchs #Russia #sanctions

From there, governments can sell the assets as their own. But it’s a notoriously lengthy process. #Oligarchs #Russia #sanctions

If litigation takes too long, yachts could get the equivalent of super wrinkly fingers from sitting out in the water. #Oligarchs #Russia #sanctions

Without proper maintenance, their value will deteriorate and become a drag on government resources. #Oligarchs #Russia #sanctions

To speed things up, some US lawmakers have proposed a shortcut: Congress is currently formulating a bill that would let authorities seize any $5+ million property owned by a sanctioned Russian elite, sell it, and send the profits to Ukraine. #Oligarchs #Russia

It’s called the “Yachts for Ukraine Act.” #PutinWarCriminal #Russia #Oligarchs

Bottom line: Turning Russian oligarchs’ properties into funds that can aid Ukrainians might not happen until well after the war is over unless the process is expedited. #Oligarchs #sanctions #RussiaUkraineCrisis