Russia faces a big hit in terms of financial losses after its invasion of Ukraine. Sources report that the $95 billion “black hole” and the oligarch wealth shows strict sanctions on Russian for Anti-Money Laundering (AML).
Bloomberg reports reveal that Russia’s wealthiest members of the oligarchy are losing $300 million per day since their invasion of Ukraine. The Government of UK swiftly imposed sanctions on the Kremlin as a result of which £18 billion worth of assets are frozen that are owned by the oligarchs and Russian tycoons.
Biggest Loser of Russia
Roman Abramovich, former owner of Chelsea Football Club, lost more than 50 billion in 2022 alone.
Martin Cheek, the managing director of Smart Search argued that this shortfall in the personal wealth shows the workability of the sanctions. But he added that the firms might not be compliant in this course.
He said that, “Black hole faced by Russian wealthy individuals is a sign of the success of sanctions made by the UK government. Since Russia brutally invaded Ukraine, the world must take steps to stop it.”
He further added that ,”The regulated firms are a pillar to the financial system of the UK. However few of them might not be compliant or be unhappy about the electronic verification (EV) system in the KYC for AML.
In today's environment, it is crucial to conduct thorough Know Your Customer (KYC) checks and continuously monitor activity in order to maintain a strong digital compliance program. This not only helps to avoid the potential consequences of fines, lengthy investigations, and criminal charges, but also ensures that you are not inadvertently facilitating nefarious activity, such as that which may be carried out by Russians.
Also read our article: How to improve Supply Chain traceability through Blockchain?
