The U.S. Department of the Treasury imposed sanctions against Kerimov in 2018. Citigroup, which managed Heritage Trust, sought clarification from the Treasury and concluded that there was no need to block the trust and related entities following the imposition of sanctions against Kerimov.
However, in June 2022, the U.S. Treasury froze Heritage Trust's assets amounting to $1 billion. According to the department, the trust was established to manage Kerimov's assets in the U.S. The investigation revealed a complex network of legal structures and proxies used to conceal his interests. According to two sources, by the time sanctions were imposed, Heritage Trust had already sold its shares in SpaceX.
Citigroup is currently under investigation by the U.S. Department of Justice regarding its management of Heritage Trust. The bank continues to service the trust's account but cannot dispose of or accept funds due to the asset freeze.
Bloomberg was unable to determine whether SpaceX was aware that Heritage Trust or its associated entities held a stake in the company.
According to sources from the publication, U.S. authorities continue to uncover new companies in the U.S. that the trust invested in. They are examining whether these companies may have violated sanctions and are considering potential accountability measures.
Kerimov ranks 17th on the list of the wealthiest Russians, according to the Bloomberg Billionaires Index. The publication notes that Kerimov amassed his fortune by investing in Russian companies, including the banking sector, energy, and mining, sometimes using loans from state banks. In 2022, the European Union imposed sanctions against Kerimov, labeling him as a member of the inner circle of oligarchs linked to Vladimir Putin.
That same year, the U.S. Treasury imposed sanctions against several family members and partners of Kerimov, including his wife, two daughters, a son, and two nephews. One of the nephews was identified as Kerimov's "primary financial intermediary," while the other is a beneficiary of Heritage Trust.
The funds that entered Heritage Trust initially came into the U.S. financial system through two foreign companies controlled by Kerimov, prior to the imposition of sanctions. These funds were then invested in "major public and private U.S. companies" and managed by several American investment firms and intermediaries, according to the U.S. Treasury. In 2017, SpaceX was valued at over $21 billion.