U.S. Treasury Blocks Over $1 Billion in Suleiman Kerimov Trust (Press Release)

Date issued: Jun. 30 2022

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TURBOFAC Commentary (515 words)

Notes:

1) OFAC rarely issues press releases that break ground as it relates to the scope of prohibitions, but the following sentence appears to confirm that the entirety of a trust if blocked if a single beneficiary thereof is blocked. Note that it is not clear whether the share to whcih the blocked nephew was entitled was equal to or exceeded 50%. It appears that the answer is "no".

Additionally, Kerimov’s nephew, Ruslan Gadzhiyevich Gadzhiyev, is a member of the designated State Duma of the Federal Assembly of the Russian Federation and Gadzhiyev was designated on March 24, 2022 pursuant to E.O. 14024 for being or having been a leader, official, senior executive officer, or member of the board of directors of the Government of the Russian Federation. Gazhiyev is a beneficiary of Heritage Trust, and his continuing property interest in Heritage Trust provides a separate...