Citi Oversaw $1 Billion in Deals for Trust While Sanctioned Oligarch Held Concealed Interest
Citigroup continued to facilitate over $1 billion in transactions for Heritage Trust even after its owner, Suleiman Kerimov, was sanctioned by the US government in 2018. Documents reveal Citigroup's efforts to maintain its business relationship with the trust, which Kerimov allegedly had a concealed interest in. Citigroup claims it has been transparent and acted in compliance with US laws and regulations. The bank maintains that it was able to legally conduct business with Heritage Trust as the trust itself was not sanctioned, despite Kerimov's hidden ownership. This case highlights the challenges financial institutions face in navigating complex ownership structures and sanctions regimes. It also raises questions about the effectiveness of US sanctions and the ability of sanctioned individuals to continue to operate through concealed interests.
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