Thread by @ICIJorg

Why haven’t sanctions against Russian oligarchs worked in the past? And what’s different now?

@nytimes’ The Daily podcast tackled the question, citing a case ICIJ is very familiar with: Putin’s judo buddy, Arkady Rotenberg. #PanamaPapers #ParadisePaper nyti.ms/3NpKgn0

The Rotenbergs are among many Russian powerbrokers who ICIJ investigations have shown use the offshore system to hide their money and anonymously spend their billions around the world, effectively skirting the intended impact of sanctions. #RussiaArchive bit.ly/3L6PUID

For example, when Russia invaded Crimea in 2014 and Arkady Rotenberg — a billionaire oligarch and childhood friend of Vladimir Putin, was sanctioned — he and his brother transferred substantial assets to their sons, #FinCENFiles show. (HT @BuzzFeedNews!) bit.ly/36nrKeb

Companies linked to the Rotenbergs sloshed $91 million through the U.S. financial system while under sanctions, which included buying more than $18 million in art, a 2020 Senate report that drew heavily from the #PanamaPapers found. bit.ly/3jUFuyZ

The Rotenbergs also owned at least seven offshore companies involved in investing in a major pipeline construction company, buying equipment for the construction of an Italian villa in Tuscany for Arkady’s son Igor and more, the #PanamaPapers show. bit.ly/3H4IwLq

Last month, the U.K. sanctioned Igor and Boris Rotenberg as part of a wave of international measures aimed at pressuring the Kremlin over its invasion of Ukraine — and targeting longtime hotspots for illicit foreign wealth like London. bit.ly/37WP4zV

While sanctions are supposed to make their targets financial pariahs (and cut off their access to the finer things in life abroad), ICIJ investigations demonstrate how networks of secretly held companies allow them to continue doing business as usual. bit.ly/3D7ukRx

Now, ICIJ leaks also help show how oligarchs are trying to use their offshore arrangements to dodge new sanctions.

A Russian tycoon recently shifted a $1.4 billion stake to a BVI company that #PandoraPapers shows is controlled by his children's mother.
bit.ly/3qrO39s

It's not just sanctioned oligarchs who have their business interests tied up in tax havens.

#PandoraPapers reveals that Burger King has a stake (it now wants to sell) in its Russia operations via an offshore joint venture with "Putin's piggy bank" VTB.
bit.ly/3NhEUKu

As Russian elites continue to face unprecedented scrutiny, ICIJ is mining millions of leaked files for new intel on their offshore assets and the international network of professional enablers who help hide their wealth in the #RussiaArchive. 🇷🇺 bit.ly/3D7Rszf

💸 Follow the secret money trails in the #RussiaArchive with us by subscribing to ICJ’s weekly newsletter. icij.org/newsletter/

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