1 week Ago
Topline The U.S. is investigating Citigroup’s connection to Suleiman Kerimov, a sanctioned Russian billionaire whom American officials say financially benefited from corruption in the Russian government, according to multiple reports .
Key Facts Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here . Forbes Valuation Kerimov has a fortune valued at $10.
7 billion, ranking him as the 230th-richest person in the world, according to our latest estimates. Kerimov invested in the Russian state-run energy firm Gazprom, in addition to other investments in Morgan Stanley, Goldman Sachs and Deutsche Bank. He later acquired a 37% stake in Polyus, Russia’s largest gold producer.
Key Background Kerimov, a Russian oligarch, has been the focus of scrutiny in the U.S. for years.
The Treasury Department sanctioned Kerimov in 2018 for financially benefitting from his ties to the Russian government and Russian President Vladimir Putin. Kerimov was detained in France in 2017 after allegedly laundering hundreds of millions of euros into the country, according to the agency. In 2022, the Justice Department seized Kerimov’s $300 million superyacht, claiming he used the vessel to violate money laundering and conspiracy laws in the U.
S. and other countries. Surprising Fact Citigroup has also faced recent scrutiny over its internal processes: In July, the bank was fined $75 million by the Office of the Comptroller of the Currency for failing to improve oversight of risk management services.
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