US works to 'seize and freeze' wealth of Russian oligarchs

Announcing tough sanctions against Russian oligarchs over the war in Ukraine was step one

WASHINGTON -- Announcing tough sanctions against Russian oligarchs over the war in Ukraine was step one.

Now the U.S. and its allies are creating new teams to act on their vow to “seize and freeze” the giant boats, estates and other pricey assets of Russian elites.

Treasury Secretary Janet Yellen and Attorney General Merrick Garland on Wednesday for the first time convened a multilateral task force known as REPO, one of several new efforts dedicated to enforcing sanctions.

REPO — short for Russian Elites, Proxies and Oligarchs — will work with other countries to investigate and prosecute oligarchs and individuals allied with Russian President Vladimir Putin.