Author: Azizur Rahman 25 March 2022
With Russian oligarchs attempting to avoid sanctions imposed on those with links to Vladimir Putin’s regime, Rahman Ravelli have outlined the actions they are taking.
In an article that was published by global business news provider Quartz, Rahman Ravelli have explained how oligarchs could use irrevocable trusts.
These trusts, which cannot be modified without a beneficiary’s permission, are attractive to sanctions targets as they enable them to shield assets from UK sanctions.
Taking the example of Alisher Usmanov, Rahman Ravelli have said that if his assets are in a trust in which he lacks any ownership or control, he can keep them out of the reach of sanctions. If Usmanov transferred assets into a trust before the invasion of Ukraine, he could now easily move them into a complex ownership structure that would be difficult for the authorities to unravel.
Rahman Ravelli have made it clear that many recently-sanctioned parties - and parties who fear they might be sanctioned - are doing everything possible to retain their assets. This makes keeping up with such developments a “tall order’’ for Britain’s sanctions regulator.
Rahman Ravelli's comments can be read on the Quartz website.
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.