On Tuesday, the U.S. Treasury sanctioned a Russian citizen and three Russia-based companies that it said were attempting to circumvent U.S. sanctions in a scheme that could have unfrozen over $1.5 billion belonging to Deripaska, who himself was placed under U.S. sanctions in April 2018. Deripaska had diversified into metals trading as the Soviet Union dissolved, amassing a fortune by acquiring stakes in aluminum factories. Forbes estimated his wealth this year at $2.8 billion. The Treasury said that in June 2023 Deripaska coordinated with Russian citizen Dmitrii Beloglazov, the owner of the financial services firm Obshchestvo S Ogranichennoi Otvetstvennostiu Titul (Titul), regarding a planned transaction to sell Deripaska’s frozen shares in a European company. Within weeks of this, the financial services firm Aktsionernoe Obshchestvo Iliadis was established as a subsidiary of Titul. In early 2024, Iliadis acquired the Russia-based investment holding company International Company Joint Stock Company Rasperia Trading Limited (Rasperia), which holds Deripaska’s frozen shares. Sanctions were imposed on Beloglazov, Titul, and Iliadis on Tuesday for operating or having operated in Russia’s financial services sector. It said Rasperia was sanctioned for being owned or controlled by, or having acted or purported to act on behalf of Iliadis.