Russian oligarch turns out to be one of Elon Musk's SpaceX investors
news.online.ua
Thu, 30 Jan 2025 10:01:05 +0200
What is known about the Russian oligarchs investment in SpaceXAccording to the publications sources, Kerimov has owned a stake in SpaceX through the Heritage Trust since 2017.Initially, this trust owned 1 of SpaceX shares.The SpaceX holding company began operations a year before the US Treasury imposed sanctions against Kerimov and other Russian oligarchs in 2018.The US Treasury Department blocked Kerimovs assets and banned the Russian oligarch from cooperating with American companies.The Heritage Trust was administered by Citigroup, which decided that there was no need to block the trust and its related entities after Kerimov was sanctioned, and the trust continued to operate.
Already in June 2022, the US Treasury Department blocked a 1 billion trust that was created in 2017 for Kerimovs assets in the US.This happened after investigators uncovered a complex structure of legal companies and front individuals created to conceal Kerimovs influence over Heritage Trust.The publications journalists note that this demonstrates the obstacles that intricate financial networks create for US attempts to uphold sanctions, and the problems faced by companies like SpaceX, which is now valued at around 350 billion and is becoming an increasingly influential player in global defense and communications.They also raise questions about due diligence at Citigroup, the international banking giant currently under investigation by the US Department of Justice over its handling of the Heritage Trust.What is known about the fortune of Russian oligarch KerimovAccording to Bloomberg, Kerimov is in 17th place among the richest Russian oligarchs.He ranks 282nd in the overall ranking with a net worth of about 9.9 billion.Kerimov made his fortune by buying stakes in Russian companies, particularly in the banking, energy, and mining industries, sometimes using loans from stateowned banks.The EU imposed sanctions on Kerimov in 2022, calling him a member of the inner circle of oligarchs close to Putin.In April 2018, the US imposed sanctions on Kerimov, freezing his assets and banning US transactions with him as part of the Trump administrations broadbased efforts to hold Russian officials and oligarchs accountable for profiting from corruption and foreign aggression.In April 2022, the US seized the 100meter superyacht Amadea in Fiji, which Kerimov controls through a number of shell companies.In September 2022, the US Treasury Department imposed sanctions on the entire Russian Senate, including Kerimov, for approving Putins request to send troops into Ukraine and providing an unjustified pretext for a fullscale invasion.
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