Citi Oversaw $1 Billion for Trust US Tied to Sanctioned Oligarch

Citigroup Inc. oversaw more than $1 billion worth of transactions for a Delaware-based trust that US authorities say a sanctioned Russian oligarch held a concealedstake in, according to documents reviewed by Bloomberg News.

Citigroup set up Heritage Trust in July 2017 with money that originated from billionaire Russian Senator Suleiman Kerimov, who was subsequently sanctioned by the US Treasury Department in April 2018. After the Treasury’s action, the bank administered more than $1 billion in transactions that included deposits into trust accounts and existing stakes in several US companies, including $57 million in Uber Technologies Inc. and $141.5 million in Snap Inc., according to the previously unreported documents.

As the ...