Russian oligarch Abramovich spotted in Israeli airport

To ensure Russia's top-earners will face economic repercussions, the US is offering up to $5 million to people who can provide information about oligarchs tied to US banks and territory.

The reward is through the Kleptocracy Asset Recovery Rewards Program which was established last year through the Department of Treasury.

According to the program, if any individual has information that leads to the "seizure, restraint, forfeiture, or repatriation" of assets linked to Russian Federation corruption that are connected to US financial institutions, comes into the US, or comes with possession/control of a US person they are eligible for the reward.

This means oligarchs who park their yachts in US ports or fly into the US can have property seized by the US government - much like other nations have been doing the past few weeks.

Sign up for our new free Indy100 weekly newsletter

Squatters have occupied a Russian oligarch's mansion and people love to see it Getty Images

Since the US began cutting financial ties with Russia, a point of concern has been the lack of economic impact Russian oligarchs face as more sanctions hurt everyday Russian citizens.

Many oligarchs came into wealth during Russia's privatization in the 1990s. Although some are closely tied to Putin, most do not have the power to influence Putin directly.

However, oligarchs still hold power over citizens by supporting Putin's policies. The hope is by imposing financial blocks, oligarchs will no longer support the Russian president and Putin will lose coercion power.

Last week, exiled oligarch Mikhail Khodorkovsky told CNN that in order to stop the war, "all financial flows need to stop" including every Russian oligarch, with no exceptions.

The $5 million reward is great news for people tracking oligarchs' private jets and super-yachts via Twitter accounts. Perhaps now their hard work can pay off.

The Independent has a proud history of campaigning for the rights of the most vulnerable, and we first ran our Refugees Welcome campaign during the war in Syria in 2015. Now, as we renew our campaign and launch this petition in the wake of the unfolding Ukrainian crisis, we are calling on the government to go further and faster to ensure help is delivered.

To find out more about our Refugees Welcome campaign, click here.

To sign the petitionclick here.

If you would like to donate then please click here for our GoFundMe page.

Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

Please log in or register to upvote this article
The Conversation (0)