Gunvor Group

            The Russian conflict in the Ukraine has led the United States and other Western, nations to impose sanctions on Russia. One of these sanctions prohibited the importation and sale of Russian oil in the United States. Prior to these sanctions being formally announced; Gennady Timchenko, an Arminian billionaire sold his stakes in the multibillion dollar oil corporation, Gunvor Group. In addition to the sale of his shares at a suspicious time, Timchenko has been accused of transferring funds between accounts through illegal methods. Timchenko’s assets in the United States have been frozen. Timchenko is an alleged member of, Russian President Vladimir Putin’s inner-circle. The two have an extensive work relationship since the early 1990s and attend the same judo club. Putin has profusely denied, any correlation between the Gunvor Group’s successes due to his relationship with Timchenko. Putin’s personal wealth is said to be directly correlated with the success of the Gunvor Group.

            Timchenko’s suspicious actions have caused; he and Putin to be put under investigation by the: U.S. Attorney’s Office and the Justice department. Both agencies have assembled an FBI to investigate allegations of money laundering and “irregular sales of state assets like oil” (WSJ). Certain Russian government contracts required the mandatory use of the Gunvor Group for distribution. The Gunvor Group also marked up the sales of oil barrels a dollar to the price per-barrel. Gunvor Group‘s accusation of “irregular sales” may stem from Gunvor’s sale of oil to third-parties. While Putin may deny the accusations against him, in order to avoid self-incrimination; if any proof were to surface Putin incriminating it would end with him potentially be imprisoned.  Any evidence proving Putin’s criminal charges may end with him being extradited and sent to the United States. 

Source: http://online.wsj.com/articles/u-s-money-laundering-probe-touches-putins-inner-circle-1415234261