Treasury Secretary Janey Yellen (L) with Attorney General Merrick Garland participated Wednesday in the launch of an international task force aimed at cracking down on the evasion of sanctions put in place following Russia's invasion of Ukraine. Photo courtesy of Treasury Secretary Janey Yellen/
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March 17 (UPI) -- The United States and several of its democratic allies have launched an international task force with the mission to crack down on Russian oligarchs violating sanctions and other punitive measures imposed following Moscow's attack on Ukraine.
The Russian Elites, Proxies and Oligarchs task force, also known as REPO, was launched Wednesday during a meeting between representatives of the United States, Australia, Canada, Germany, France, Italy, Japan, Britain and the European Commission.
"Our sanctions, trade restrictions and other measures have already imposed significant costs on Russia, its leadership and those who enabled Putin's unprovoked invasion into Ukraine," U.S. Treasury Secretary Janet Yellen said in a statement. "This multilateral task force will raise those costs even more by galvanizing coordinated efforts to freeze and seize assets of these individuals in jurisdictions around the world and deny safe haven for their ill-gotten gains."
Russia on Feb. 24 invaded Ukraine to the condemnation of democratic nations that have repeatedly imposed sanctions and other measures against Moscow.
According to the International Monetary Fund, the sanctions have already dealt a severe blow to Russia's economy, which is now sliding into a deep recession.
The task force was first announced early this month after President Joe Biden warned in his State of the Union speech that the Justice Department was assembling a team dedicated to targeting Russian oligarchs.
Consisting of the finance ministry and justice or home ministry of each participating country, the task force will see the allies work together to collect and share information to impose sanctions and asset freezes as well as conduct civil and criminal asset seizures and to pursue criminal prosecutions.
During the Wednesday meeting, the Treasury shared with its task force's partners a list of 50 high-priority targets for the United States.
Since the war began, information the United States has provided with its partners has aided in the seizure of multiple vessels owned by sanctioned Russians or entities, authorities said.
"We are already working with our international partners to freeze and seize properties belonging to sanctioned Russian oligarchs worldwide," said Attorney General Merrick Garland. "We will continue to work together to take all appropriate actions against those whose criminal acts enable the Russian government to continue its unjust war against Ukraine."
The newly launched task force will be aided by Task Force KleptoCapture, which was unveiled early this month with the mission to help U.S. law enforce identify sanctions-evading Russian oligarchs.
To coincide with the launch of REPO, the Treasury announced the Kleptocracy Asset Recovery Rewards program that offers reward payments for information that leads to the seizure, restraint of forfeiture of assets linked to governments, including Russia.
