The U.S. Treasury on Tuesday put sanctions on a Russian citizen and three Russia-based companies it said were trying to evade U.S. sanctions in a scheme that could have unfrozen more than $1.5 billion belonging to Russian metals tycoon Oleg Deripaska.

Deripaska, who himself was placed under U.S. sanctions in April 2018, branched out into metals trading as the Soviet Union crumbled, making a fortune by buying up stakes in aluminum factories. Forbes ranked his fortune this year at $2.8 billion.

The Treasury said that in June 2023 Deripaska coordinated with Russian citizens Dmitrii Beloglazov, the owner of Russia-based financial services firm Obshchestvo S Ogranichennoi Otvetstvennostiu Titul (Titul), on a planned transaction to sell Deripaska's frozen shares in a European company.

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Within weeks of this, Russia-based financial services firm Aktsionernoe Obshchestvo Iliadis was set up as a subsidiary of Titul. In early 2024, Iliadis acquired Russia-based investment holding company International Company Joint Stock Company Rasperia Trading Limited (Rasperia), which holds Deripaska's frozen shares.

The Treasury said sanctions were imposed on Beloglazov, Titul, and Iliadis on Tuesday for operating or having operated in Russia's financial services sector. It said Rasperia was sanctioned for being owned or controlled by, or having acted or purported to act on behalf of Iliadis.