Trump Tower (Image: Wikimedia)
Manhattan Borough President Mark Levine advocated for Manhattan-specific sanctions targeting Russian oligarchs, allowing the city to take over their New York City real estate holdings.
Levine presented the idea in the wake of Russia’s unprovoked invasion of Ukraine and said the sanction would target allies of Russian President Vladimir Putin.
Other major cities’ mayors share the same sentiment.
“For far too long, ministers have turned a blind eye to the use of our capital’s homes as a safe harbor for oligarchs to park their cash, which is having a negative impact on both our international reputation and our local housing market,” London Mayor Sadiq Khan said. “Now is the time to act.”
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The U.S. Treasury Department, which administers sanctions had not taken formal steps to penalize oligarchs through their real estate.
American officials said sanctions will target oligarch’s yachts, apartments and funds in the U.S. Manhattan luxury buildings, like Trump Tower, have long been known to be a haven for Russian money.
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