Russian oligarchs are reportedly fleeing with their superyachts to the Maldives and Seychelles as President Joe Biden warned "we are coming for your ill-begotten gains."
The four biggest luxury yachts currently in the Maldives are Russian-owned, according to Bloomberg News.
On Tuesday night, President Joe Biden in his State of the Union speech assailed Putin for his country's attack on Ukraine and put Russian oligarchs and other government leaders he said were corrupt on notice that the Justice Department would be coming for their assets.
"We are joining with our European allies to find and seize your yachts, your luxury apartments, your private jets. We are coming for your ill-begotten gains," Biden said.
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A new U.S. federal "KleptoCapture" task force will work to further strain the finances of Russia's oligarchs to pressure the country to cease its invasion of Ukraine, the Justice Department said on Wednesday.
The interagency law enforcement group will be dedicated to enforcing sanctions, export restrictions and economic countermeasures designed to freeze Russia out of global markets, Attorney General Merrick Garland said in a statement.
The task force's name comes from the word "kleptocracy," defined as corrupt individuals who misuse their powers to accumulate wealth at the expense of those they govern.
"To those bolstering the Russian regime through corruption and sanctions evasion: we will deprive you of safe haven and hold you accountable," said Deputy Attorney General Lisa Monaco.
"Oligarchs be warned: we will use every tool to freeze and seize your criminal proceeds."
The task force will be run out of Monaco's office and will be responsible for investigating and prosecuting violations of sanctions.
It will use civil and criminal asset forfeiture laws to seize assets obtained through unlawful conduct.
