US Is Offering Up To $5 Million For People To Snitch On Russian Oligarchs

The US is offering rewards for information on Russian oligarch's assets, including yachts and mansions.

Informants will be given up to $5 million for information relating to the seizure, forfeiture or repatriation of stolen assets.

The reward is being offered through an effort known as Kleptocracy Asset Recovery Rewards Program, and the news comes as several countries continue to impose sanctions on Russian oligarchs following Vladimir Putin's invasion of Ukraine.

The US Treasury Department wants assets 'linked to corruption involving the government of the Russian Federation', as per their website.

The initiative was approved last year and offers rewards for information on assets linked to other foreign governments too, Insider reports, with tips for assets linked to bribes paid by Brazilian petrochemical companies Odebrecht and Braskem among those wanted.

News of the reward for information comes as Western countries continue to impose sanctions on Russian oligarchs in response to the invasion of Ukraine.

The UK, Italy, France and Spain have already imposed sanctions, as well as the US.

In an address, US's President Joe Biden said: '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.'

However, Russia oligarch Mikhail Fridman, co-founder of the Alfa-Group, has said the sanctions are useless.

Speaking to Bloomberg about the sanctions, Fridman said, 'I’ve never been in any state company or state position.'

He added: 'If the people who are in charge in the EU believe that because of sanctions, I could approach Mr Putin and tell him to stop the war, and it will work, then I’m afraid we’re all in big trouble 'That means those who are making this decision understand nothing about how Russia works. And that’s dangerous for the future.'

While the oligarch said he has never met Putin one-to-one, he has met him among groups of other business leaders.

The sanctions imposed on Fridman and other oligarchs, including Chelsea's Roman Abramovich, limit their abilities to do business dealings in the UK.

The sanctions are an attempt to make the oligarchs put pressure on Putin.