US Seizes Over $5 Million from Russian Businessman and Transfers to Ukraine: CNN

The United States has transferred funds seized from a Russian businessman to Ukraine for the first time, according to CNN. The U.S. seized over five million dollars from Russian entrepreneur Konstantin Malofeev and directed the funds for Ukraine's needs, as reported by Attorney General Merrick Garland and his Ukrainian counterpart Andrii Kostin.

This marks the first instance of U.S. authorities confiscating the assets of Russians under sanctions and the first time that these funds are sent to assist Ukraine. “I have authorized the first transfer of confiscated Russian assets for use in Ukraine,” Garland was quoted as saying by CNN. This announcement has been confirmed by his Ukrainian partner, stating that the funds will be allocated for the country’s restoration.

The money in question was held in an account belonging to Malofeev at Sunflower Bank. According to media reports, he came under U.S. sanctions in 2014 and again in April 2022 for actions aimed at undermining Ukraine's sovereignty and territorial integrity.