A British Newspaper exposed how a Russian oligarch transferred his offshore trust into the names of his children just before Russia’s invasion of Ukraine, resulting in sanctions against him. Leaked documents from the Swiss Bank and the Cypriot service provider show that the oligarch held over $2 billion in assets across various banks. These assets were hidden through a complex corporate structure, including an opaque trust and a company owned by the Cypriot service provider. The companies used blue-chip US stocks as collateral for loans from Swiss Banks and engaged in suspicious loan activities, raising concerns about money laundering. Despite EU and UK laws requiring banks to freeze assets owned by sanctioned individuals, the Swiss Bank and the Cypriot service provider continued to work with the oligarch’s offshore firms even after the sanctions were imposed. Neither bank responded to questions about their compliance with the law. The Cypriot service provider initially played down corruption and money laundering risks for the oligarch and falsely claimed he was not a Politically Exposed Person. The leaked documents reveal that the Swiss Bank helped the oligarch convert US stocks into cash through loans against shares in US steel companies. Other banks also provided securities-for-loans agreements, but their legitimacy is being questioned due to interest-free and no-obligation loans with no real rationale. The oligarch, his representatives, the Cypriot service provider, both Swiss Banks, and the British Bank did not respond to requests for comment. An anti-corruption advocacy group has warned UK and EU banks to be cautious about accepting transfers of assets from sanctioned oligarchs.