According to a US legislator, Russian President Vladimir Putin and his inner circle might face asset seizures as a result of their invasion of Ukraine.

Senator Chris Murphy (D-CT), following "a confidential briefing" on the Ukraine conflict, revealed the planned step, which would constitute a significant increase in sanctions against top Russian officials as the war enters its sixth day.

Sanctioning Vladimir Putin May Be Tricky

There is very little information regarding Putin's fortune and where it may be. According to The New York Times, Anders Aslund, author of Russia's Crony Capitalism, alleged that Russian President Vladimir Putin had $125 billion concealed in offshore havens.

In 2021, Alexei Navalny's now-banned Anti-Corruption Foundation (FBK) made a viral film dubbed "Putin's Palace" that detailed a magnificent house valued more than $1 billion near Gelendzhik on Russia's southern Black Sea coast. Western nations have already imposed harsh penalties on Russia, causing economic turmoil and sending the ruble to a new low versus the dollar on Monday.

Certain Russian banks have been barred from using SWIFT, a high-security network that allows transfers among 11,000 financial institutions. Penalties will also be aimed at the Russian Central Bank, which will be hampered in its capacity to deploy overseas reserves, reducing the impact of the sanctions.

Even historically neutral Switzerland said that it will follow EU sanctions and freeze the assets of specific persons, with President Putin, Prime Minister Mikhail Mishustin, and Foreign Minister Sergey Lavrov among those targeted. However, if President Putin and his inner circle had assets in Western nations, it would be an escalation of penalties in the wake of worldwide indignation over Russia's invasion of Ukraine.

The assets of 680 individuals and 53 businesses in EU member states have been frozen, and they are no longer allowed to travel. Dmitry Peskov, a Kremlin spokesman, claimed on Monday that Putin is "indifferent" to Western sanctions, adding that he "doesn't have any assets" other than what he publishes yearly.

Meanwhile, Murphy, a vocal opponent of Russia in the Senate, provided insight into how the US evaluated Russia's military effort. Satellite photographs from Tuesday revealed a 40-mile-long Russian armored convoy approaching Ukraine's capital, Newsweek reported.

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Russian President's Wealth Remains an Enigma

Putin's divorce from his wife, Lyudmila Shkrebneva, a former flight attendant with whom he had two adult children, Katerina and Maria, was formalized in April 2014, just after Russia invaded Ukraine's Crimea. The 30-year marriage ended because, like previous Russian czars, he was having an extramarital affair and didn't want to be bound by his family's traditions.

 Putin's love interest was Alina Kabayeva, a 31-year-younger Russian rhythmic gymnast with dreamy eyes and high cheekbones. Despite the Kremlin's denial, there are reports that Putin and Kabayeva are married and have twin sons together.

Putin has previously hinted at having a love connection, but he has made it clear that the Russian people and media are not allowed to mention it. Putin forbids the Russian media, much of which is under direct or implicit government control, from reporting about his personal life, and Putin publicly chastises anybody who disobeys the order.

Putin's official pay as Russia's president ranges from $115,000 to $225,000 each year. However, he has earned an unfathomable fortune, ranging from $100 billion to $200 billion, making him one of the world's wealthiest leaders, maybe wealthier than Jeff Bezos, Bill Gates, or Elon Musk.

In July 2017, Bill Brody, an American banker who led one of Russia's largest investment businesses from 1996 to 2005, told the Senate Judiciary Committee that Putin had "accumulated $200 billion in ill-gotten riches." The Russian spymaster's riches, on the other hand, is stored in offshore tax havens, invested in luxurious houses both inside and outside Russia, and dispersed among the accounts of his family members and loyal associates who hold millions and billions of dollars for him.

His most extravagant and gigantic home, which cost more than $1 billion to develop, is located on the Black Sea, as per New York Post. The house is guarded by Fort Knox-style security, including an impenetrable barrier and a border crossing. It can't be reached by land, sea, or air. The airspace over the palace is heavily restricted, as are maritime approaches.

A property in the south of France and a million-dollar condominium in Monaco are among Putin's most intriguing possessions linked to his ex-wife Lyudmila and an alleged former mistress, respectively. According to the Organized Crime and Corruption Reporting Project (OCCRP), the magnificent French property is encircled by a 5,000-square-meter private garden with an outdoor pool, music pavilion, four bedrooms, and luxurious dining room with a balcony, and a billiard room.

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