US sanctions Zurich-headquartered asset manager and its UAE-based regional head

The US Treasury Department's Office of Foreign Assets Control has imposed sanctions on Switzerland-headquartered DuLac Capital Ltd and UAE-based Switzerland national Anselm Oskar Schmucki.

In a statement on 19 May, the US department said it had actioned sanctions involving 22 people and 104 entities and targets, coordinated with G7 and other international partners.  

Among those individuals and entities targeted, it identified DuLac Capital in the section of the statement covering 'Additional measures in relation to Russia's financial services sector, where Huriya Private was also separately included, covered by II in a story earlier this week.  

"DuLac Capital Ltd (DuLac Capital) is an asset management company and multi-family office with branches in both Moscow and Saint Petersburg, Russia. Switzerland national Anselm Oskar Schmucki (Schmucki) is DuLac Capital's Moscow branch chief and regional head for Russia, the Commonwealth of Independent States, and the UAE.

"Schmucki, who is based in the UAE, offers a variety of services, including investment management, in Russia, Switzerland, Cyprus, and the UAE. Schmucki controls a global network of shell companies and has had close financial relationships with an individual charged with financial crimes and a company with suspected links to Russian organized crime and money laundering.

"Schmucki has also facilitated the sale of tens of millions of dollars of gold bullion. 

OFAC continued: "Schmucki owns or controls more than a dozen companies around the world, including Russia-based East Star Investments Limited and Limited Liability Company Novenko Russlend; Malta-based RB Holding Limited and RB Consulting Limited; Cyprus-based Robarin Ltd; Singapore-based Wealthing Holding PTE Ltd; Hong Kong-based Welmart Group Limited and Kraverton Construction and Development Limited; Estonia-based Schloss Holding OU, Cryptovenience OU, and Cryptanet OU; and United Kingdom-based Saling Development LP, Welmart Group LP, and Kraverton LP. Welmart Group Limited is an apparent shell company likely used by Schmucki to purchase diamonds."

The statement further said: "DuLac Capital and Schmucki were designated pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy.

"East Star Investments Limited, Limited Liability Company Novenko Russlend, RB Holding Limited, RB Consulting Limited, Robarin Ltd, Wealthing Holding PTE Ltd, Welmart Group Limited, Kraverton Construction and Development Limited, Schloss Holding OU, Cryptovenience OU, Cryptanet OU, Saling Development LP, Welmart Group LP, and Kraverton LP were designated pursuant to E.O. 14024 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Schmucki."