US gives Russian oligarch's seized assets to Ukraine

RUSSIA / FSU POLITICS - In Brief 12 May 2023 by Alex Teddy
On May 10 the US Justice Department said USD 5.4 billion belonging to Konstantin Malofeyev will be given to a fund to reconstruct Ukraine. Malofeyev made his money in banking, media and telecoms. In 2022 he was indicted in the US for breaking sanctions on Russia relating to the seizure of Crimea in 2014. He is thought to have funded pro-Russian rebels in East Ukraine. Malofeyev had invested in a bank in Texas. This will presumably not be the first time that Russian private assets abroad will be given to Ukraine. So far, the sanctioning countries have frozen but not confiscated Russian state assets. Putin's spokesman said that the US action will boomerang on the US. The US has ruined its own reputation for respecting property rights. Fewer people will invest in the US in future. The war is estimated to have caused at least USD 400 billion in damage to Ukrainian infrastructure. 

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