John Medina | Reuters U.S. authorities have charged Russian oligarch Victor Wexelberg with conspiracy to commit bank fraud and money laundering as his big yacht was confiscated in Spain on Monday. Wexelberg, who was born in Ukraine but founded the Russia-based heterogeneous Renova Group, saw his yacht, the Tango, seized by Spanish investigators after being beaten by US and Western allies. The latest US sanctions come after Russia’s invasion of Ukraine. The sanctions targeted Vekselberg’s yacht and private jet. The Spanish authorities seized the boat at the request of the US Department of Justice, the ministry said in a statement. The video posted on the Justice Department’s YouTube page shows the FBI and Spanish authorities boarding the Vekselberg yacht. The tango is over 250 feet long and is believed to be worth $ 90 million, the Justice Department said. Wexelberg was among a group of oligarchs who were sanctioned in 2018 by the government of former President Donald Trump. Forbes estimates his fortune is just under $ 6 billion. Vekselberg yacht is the last property belonging to a Russian oligarch confiscated after the invasion of Ukraine. The United States and its allies have tried to crush the Russian elite in an effort to punish Moscow for war. A new yacht seizure warrant, signed by a representative of the Federal Bureau of Investigation, gives a glimpse of allegations that Wexelberg conspired to commit bank fraud and money laundering. The FBI has accused Vekselberg of using these tactics to hide his property in Tango. A Vekselberg spokesman did not respond to a request for comment. The warrant states that “Vekselberg caused TANGO payments through various shell companies in order to prevent US financial institutions from accurately performing their KYC [Know Your Customer] controls and in order to avoid SAR deposition [Suspicious Activity Reports] related to its financial transactions “. The FBI warrant states that the alleged plot is linked to the web of little-known companies that have a financial interest in the Vekselberg yacht. Many of these small companies are linked to the Russian billionaire, the office said. The FBI added that the alleged plan has been going on since 2011. The yacht belongs to the name of a company called Arinter, according to the warrant. The FBI says one of the company’s managing directors, RE.AM Management Limited, has a sister company in Russia with an identical name that is directly related to Vekselberg’s company, Renova. Arinter’s corporate executives are two Panamanian citizens who are also executives of a company known as Lamesa Transport LLC, according to the warrant. The limited liability company “appears to be a subsidiary of other shell companies owned or controlled by Vekselberg,” the FBI said. “This complex management and owner structure appears to be intended to summon Vekselberg’s connection to TANGO in order to isolate the ship from inquiries into payments made on its behalf,” the office said.
