U.S. Targets Crimean Resort Amid Sanctions On Russia

CRIMEA, Ukraine -- The U.S. Treasury Department said it put new sanctions on three individuals and nine entities over Russia’s intervention in Ukraine, targeting, among other things, a Yalta resort.

Participants attend the 2018 Yalta International Investment forum at the Mriya Resort & Spa Hotel. The resort is the venue for an annual business event that showcases Crimean investment opportunities.

Treasury vowed to continue punishing Russia for conducting business in, and profiting from, Crimea, which was annexed from Ukraine by Moscow in 2014.

Western powers, including the U.S., have refused to recognize the annexation.

The sanctions designations come days after the U.S. State Department said that Russia had failed to show it halted the use of chemical weapons.

That determination paves the way for mandatory sanctions on the Kremlin and entities it controls.

The Mriya Resort and Spa, a five-star luxury hotel complex in Yalta on the Crimean shore, was hit with sanctions because it operates in Crimea and is owned by a Crimean entity, Treasury said.

Russia’s largest bank, Sberbank, invested about $300 million into its construction and development, Treasury said.

A call to the resort seeking comment wasn’t answered.

The Mriya is also the venue for the Yalta International Economic Forum, an annual business event that serves as Moscow’s platform for showcasing investment opportunities in Crimea, Treasury said. 

Sberbank is the owner of the entity that owns the resort; the bank is also under U.S. sanctions that restrict its debt financing.

Source: The Wall Street Journal

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