We will not be turning billionaires' houses into homeless shelters anytime soon.
AdvertisementGovernment officials in the U.K. and France have made promises similar to Biden’s to start the week. But don’t get your hopes up for handing mansions over to the homeless. In all three countries, governments can easily block access to assets from bank accounts to apartments, making it difficult or impossible for targets to use their holdings for years. But confiscating them permanently is decidedly more complicated.
“It’s not that we’re going to be giving the yachts away to the poor anytime soon,” explained John Smith, who served as director of the Office of Foreign Assets Control, or OFAC, until 2018. That’s the Treasury Department division charged with hunting down the assets of people on the sanctions list—one whose acronym, conveniently, sounds like what you say when you find out they’re after you.Smith outlined what might happen if the U.S. expands its list of sanctioned persons.
“But to take title,” he added, “it generally has to involve some kind of process.” Freezing is easy. Seizing is hard. The rules are similar in many European countries. That means that those Russian-owned yachts in the Barcelona shipyard—Complicating matters further is the range of assets that might be vulnerable. It seems unlikely Boris Johnson will want to padlock London’s Stamford Bridge stadium, the home of the Chelsea team, though Abramovich was named a Putin crony by the Russian dissident Alexei Navalny last year.
Ukrainian activist Daria Kaleniuk singles out Chelsea's oligarch owner as she confronts Boris Johnson
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