U.S. Treasury Department Emphasizes Preparation of Sanctions Against Russian 'Oligarchs'

The U.S. Treasury Secretary has emphasized that he will impose sanctions against a number of wealthy Russian citizens and 'oligarchs' in the 'near future' in connection with allegations against Moscow regarding interference in U.S. elections. Steven Mnuchin, the Treasury Secretary under Donald Trump, stated on February 14 that 'we are actively preparing those sanctions.' He added, 'You will see them soon.' The U.S. Congress passed sanctions against Russia last summer with a majority vote, which were eventually enacted with Donald Trump's signature. During the U.S. election campaign, Trump supported improving relations between Washington and Moscow and has praised Russian President Vladimir Putin on several occasions. The U.S. intelligence community has not only accused Russia of interfering in the 2016 U.S. presidential election but has also predicted that the Russian government has similar plans for the 2018 elections. Two weeks ago, the U.S. Treasury Department published a list of individuals associated with Vladimir Putin who may be subject to future U.S. sanctions. This list, known as the 'Kremlin Report,' includes the names of 114 senior political figures as well as 96 Russian 'oligarchs' (powerful individuals connected to the Russian government). U.S. officials say these individuals have gained their wealth and power due to their connections with the Russian leadership. The names of Dmitry Peskov, the Kremlin spokesperson, and Sergey Lavrov, the Russian Foreign Minister, appear on this list. This list was supposed to be presented by the government; however, the Trump administration stated that it is currently not pursuing new sanctions against Moscow. The U.S. Congress has criticized the Treasury Department for not imposing sanctions - at least on some individuals from this list - at the same time. The Treasury Department has also acknowledged that the published list was largely compiled from public news sources, including the names of Russian billionaires in Forbes magazine, which has been challenged by some lawmakers and others. Steven Mnuchin stated that the new sanctions would be implemented 'within a few months, perhaps a month.' Moscow has denied the allegations of interference in the U.S. elections. The Russian President, following the release of the 'Kremlin Report,' said that potential sanctions against these individuals would be a 'hostile act.' Vladimir Putin, however, added that Russia currently has no decision to react and does not want to escalate tensions in relations with Washington.