The chief exec of Russian-state owned VTB Bank has been charged with sanctions violations in the US.

VTB boss Andrey Kostin was sanctioned by the US in 2018 and has been accused on two counts of money laundering and sanctions violations in a Manhattan federal court. In particular, Kostin is said to have laundered money through the maintenance of two mega yachts worth more than $135 million and a $12 million home in Aspen, Colorado.

Two of Kostin’s associates, Vadim Wolfson and Gannon Bond, have also been charged with charges of helping to maintain the property while concealing the true nature of its ownership.

Wolfson and Bond have been arrested in the US, while Kostin is believed to remain at large in Russia.

The US Justice department on Thursday also announced charges of sanctions evasions against pro-Russian Ukrainian oligarch Serhiy Kurchenko for allegedly using shell companies to sell metal products in the US. Kurchenko is an associate of former Ukrainian president Viktor Yanukovich who resides in Moscow and was himself sanctioned by the US in 2015.

In addition, US authorities seized two Florida condominiums that are allegedly linked to founders of a sanctioned Russian company, and indicted a Swiss resident accused of operating a superyacht owned by Russian oligarch Viktor Vekselberg.

The indictments and arrests were part of wider efforts by the US to crackdown on people with ties to the Kremlin. The Justice Department launched a task force dedicated to the effort in 2022 following Russia’s illegal invasion of Ukraine.

The task force has led to criminal charges against more than 70 individuals and five corporate entities.

Commenting on Thursday’s indictments, US attorney general Merrick Garland said: “The Justice Department is more committed than ever to cutting off the flow of illegal funds that are fueling Putin’s war and to holding accountable those who continue to enable it.”

---