US sanctions target Vladimir Putin’s close associates in ‘new approach’

The fresh US sanctions imposed in response to Russia’s current activities in Ukraine targeted family members of Russian President Vladimir Putin‘s inner circle, who had previously been spared.

The Biden administration sent a clear signal that its target list for individual sanctions extends beyond public officials and financiers, as part of a new effort to shut down pathways for top Putin associates to shield their wealth by giving it to family members, by designating the sons of two powerful players close to the Russian President.

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The Treasury Department designated Denis Bortnikov and Vladimir Kiriyenko for individual penalties on Tuesday, and both occupy key roles in Russian business. However, because their fathers serve as Putin’s domestic intelligence head and one of his closest advisers, both will have any US-held assets frozen and will be forbidden from engaging with any US citizens.

“They share in the corrupt gains of the Kremlin policies and should share in the pain as well,” Biden said Tuesday.

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“This is unprecedented because we are extending the reach of US sanctions to prevent the elites close to Putin from using their kids to hide assets, evade costs, and squander the resources of the Russian people,” a CNN source in the Biden administration said. “This is a new approach.”

Officials believe it’s evident that the first salvo of that strategy won’t be the last.

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“Other Russian elites and their family members are now on notice that additional actions could be taken on them as well,” Daleep Singh, the White House’s deputy national security advisor in charge of sanctions, told reporters.