The United States blocked a US-based company worth more than $1 billion linked to Russian oligarch Suleiman Kerimov, saying the ally of President Vladimir Putin used it to funnel and invest shadowy funds.
The Treasury Department says that Kerimov, a billionaire active in Russian politics, secretly managed the Delaware-based Heritage Trust which put its money into a number of large public companies.
Treasury Secretary Janet Yellen vowed that the United States would keep taking action even as Russian elites hide behind proxies and complex legal arrangements.