Skip to comments.Steyer Hedge Fund Tied to Russian Oligarch Targeted by U.S. Sanctions
Posted on 05/07/2014 9:21:58 AM PDT by Nachum
The hedge fund founded and, until recently, run by billionaire environmentalist Tom Steyer was involved in a deal to sell a stake in a Russian oil company to a Russian oligarch who is the target of U.S. sanctions.
Farallon Capital Management sold a part of its stake in Russian firm Geotech Oil Services to the Volga Group, a Luxembourg-based investment firm owned by Russian billionaire Gennady Timchenko, in 2010.
Four years later, in April 2014, the U.S. Treasury Department announced that it would target Timchenko, Volga, and a number of companies associated with them, in a round of sanctions aimed at punishing Russias inner circle of oligarchs for the governments invasion of Crimea.
(Excerpt) Read more at freebeacon.com ...
I don’t understand the connection. If the stake was sold 4 years ago, what does it matter now?
“Timchenkos activities in the energy sector have been directly linked to Putin,” the Treasury Department said in a statement on U.S. sanctions, which dubbed him a member of Putins “inner circle.”
Timchenko “is rumored to be a former KGB colleague of Putin’s,” according to a 2008 State Department cable released by Wikileaks. Additionally, oil trading firm Gunvor, which Timchenko owned until March, “is rumored to be one of Putin’s sources of undisclosed wealth.”
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