Trump holds off on new Russian Federation sanctions By

Rosneft CEO Igor Sechin and Gazprom CEO Alexei Miller

Treasury Secretary Steven Mnuchin said on Tuesday: "There will be sanctions that come out of this (oligarch) report".

"We have spent a considerable amount of time and energy on engaging with partners, with allies, with private industry explaining what Section 231 [of the Countering America's Adversaries Through Sanctions Act] (CAATSA) meant".

Russian oligarchs have reportedly lost $1.1 billion after the U.S. Treasury Department released the highly anticipated "Kremlin List" in retaliation for alleged Russian election meddling.

Leonid Bershidsky, a former editorial director and publisher of Forbes Russia, wrote this in a column for Bloomberg View: "I'm flattered that the US government chose it as an unassailably authoritative source on who counts as an oligarch in Russia". He is also part of President Putin's inner circle.

The 65-year-old Russian leader - who spoke before the US Treasury said it would act on its list "in the near future - said the US move would further worsen ties. The next time Putin does something outrageous like bombing civilians in Syria or hacking elections, there will be huge political pressure in the United States to sanction someone and this list will be the first port of call".

Putin said the Kremlin list was a blow to not only the government and business circles, but to the entire country.

Those sectors already have been sanctioned for their alleged role in the US presidential election.

"We'll see how the events will develop but I think neither me nor my colleagues will feel any consequences", he said.

Republican Senator Bob Corker, chairman of the Senate Foreign Relations Committee, said he believed the Trump administration was working in good faith, but added he was "committed" to applying any pressure needed to ensure further implementation of the sanctions law.

RBK said it was impossible to prove exactly how the U.S. list had affected the wealthy Russians, some of whom experienced an upturn in their fortunes; Alisher Usmanov, who owns a large stake in Arsenal football club, was worth $16m more after its publication, according to the newspaper.

This is not a sanctions list and no restrictions are slapped on those mentioned in the document, the Treasury Department said.

The law calls for the list to categorize "indices of corruption", listing political and business figures by "their closeness to the Russian regime and their net worth", including the assets they hold outside Russia.

Mnuchin said the goal was not to levy sanctions by the deadline for producing the report but a review of the classified section of the report could provide more information on the issue.

The list was required by a law passed by Congress past year to punish Russian Federation for meddling in the 2016 USA election.

"Since the enactment of the ... legislation, we estimate that foreign governments have abandoned planned or announced purchases of several billion dollars in Russian defense acquisitions", she said.

Putin noted sarcastically that his name isn't on the list, saying of the omission: "It hurts".

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