Thread by @ICIJorg

🧵/ Days ago, the U.S. blocked the Madame Gu yacht and other holdings linked to sanctioned Russian billionaire Andrei Skoch.

#ParadisePapers reveals the network of middlemen he used to acquire the yacht and other luxury assets worth hundreds of millions. bit.ly/3MpOold

The U.S. aims to degrade the key networks used by Putin’s allies to anonymously hide and move money via luxury assets around the world, and targets prominent individuals as well as yacht brokerages, defense industry entities and other service companies. bit.ly/3MpOold

The "richest man in the Duma" deployed tactics similar to other oligarchs by using an elite firm, a web of shell companies and a trusted proxy — in this case, his romantic partner — to finance the acquisition of two yachts and a villa, leaked records show. bit.ly/3MpOold

The documents show the willingness of middlemen and enablers to please wealthy clients who want to keep ties to valuable assets secret.

Appleby is one of many elite firms that have long serviced powerful Russians despite their known links to the Kremlin. bit.ly/3MpOold

Beginning in 2007, Appleby helped Elena Likhach — listed in leaked files as a housewife — set up shell companies to own yachts, buy a Seychelles villa, and manage payroll for a 35-member crew, a chef and housekeepers. bit.ly/3MpOold

A compliance officer warned Appleby of their client’s association with Andrei Skoch in 2013, noting his alleged criminal ties and that “gifts” from the Russian billionaire were the source of Likhach’s offshore activities.

The concerns were dismissed. bit.ly/3MpOold

The firm is one of a number of professional middlemen — including bankers, brokers, attorneys, accountants, tax advisers, shipbuilders and more — who’ve helped Putin’s allies secretly scoop up luxury playthings around the world, ICIJ reporting has shown. bit.ly/3xq3Nha

Since Russia’s war on Ukraine began, the U.S. has gotten more aggressive about locating and seizing assets of sanctioned oligarchs — a mission made difficult by Russian elites’ widespread use of the offshore economy to conceal massive holdings and deals. bit.ly/3KSBXxg

Years of ICIJ exposés like #PanamaPapers, #ParadisePapers & #PandoraPapers has shed light on the players in this system.

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