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The US sanctioned Imperial Yachts, a full-service international yachting company, on Thursday.
The company has worked with Russian oligarchs sanctioned by the US, the Treasury alleges.
"The accusations made against us by the U.S. Government and in the press are false," the company told Insider in a statement.
The US Treasury announced a new round of Russian sanctions Thursday aimed at further penalizing the country's elite following the invasion of Ukraine.
The latest sanctions include luxury yachting company Imperial Yachts, a brokerage led by Russian CEO Evgeniy Kochman that has provided management services to at least one yacht linked to a sanctioned Russian oligarch, the department alleges.
The designation comes a day after The New York Times published an investigation into the corporate benefactors of Russia's elite, whose immense wealth has fallen under international scrutiny in recent months.
At the heart of the investigation was Imperial Yachts, which describes itself as a "360-degree" maritime service that handles everything from yacht financing, design, and construction to management, maintenance, and marketing.
The company has been connected to superyachts linked to high-profile Russians including Vladimir Putin, Igor Sechin, and Gennady Timchenko, according to the NYT report. All three individuals are sanctioned by the US.
In response to the sanctions, an Imperial Yachts spokesperson told Insider the company has been "targeted by numerous unfounded and inaccurate accusations following events that are unrelated to this family owned company and its services."
"The accusations made against us by the U.S. Government and in the press are false," the spokesperson said. "We will pursue all available legal remedies to resolve this matter promptly."
"Imperial Yachts conducts all its businesses in full compliance with laws and regulations in all jurisdictions in which we operate. We are not involved in our clients' financial affairs," the statement continued.
To describe the yachting company as "full service" is not an overstatement, as evidenced by court filings and emails obtained by the Times.
Company documents show records of highly specific guest preferences, such as coffee served in an Hermès mug, dates and berry bowls prepped for every meal, a "babyccino" with one teaspoon of espresso and steamed milk, and porridge with honey drizzled on top each morning.
Imperial Yacht's largest yacht currently available for charter, "Flying Fox," was also blocked by Thursday's sanctions. The Treasury additionally targeted multiple yachts with suspected links to Russian President Vladimir Putin.
"Russia's elites, up to and including President Putin, rely on complex support networks to hide, move, and maintain their wealth and luxury assets," Brian Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, said in a press release Thursday.
"Today's action demonstrates that Treasury can and will go after those responsible for shielding and maintaining these ill-gotten interests," he continued.
Read the original article on Business Insider