WATCH LIVE: Treasury Secretary Yellen Testifies on International Finance to House Committee

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on the international financial system on Wednesday.

The event is scheduled to start at 10 a.m. ET. Look in the player above.

Yellen’s appearance comes as the United States and its allies continue to apply sanctions against Russia and Russian billionaires.

LOOK: How tough sanctions on Russia could permanently reshape the global economy

The US government on Monday seized a 254ft yacht in Spain belonging to an oligarch with close ties to Russian President Vladimir Putin, a first by the Biden administration under sanctions imposed after Ukraine invaded Ukraine. the Kremlin and targeting expensive assets of Russian elites.

Spanish Civil Guard and US federal agents descended on the Tango at the Marina Real in the port of Palma de Mallorca, the capital of Spain’s Balearic Islands in the Mediterranean Sea. Associated Press reporters at the scene saw police entering and exiting the boat.

The US Department of Justice, which obtained a warrant from a federal judge in Washington, alleges the yacht should be confiscated for violating US bank fraud, money laundering and sanctions laws.

Superyachtfan.com, a specialist website that tracks the largest and most exclusive pleasure boats in the world, values ​​the 78-meter vessel, which bears the flag of the Cook Islands, at $120 million.

The yacht is among assets linked to Viktor Vekselberg, a billionaire and close Putin ally who heads the Moscow-based Renova Group, a conglomerate encompassing metals, mining, technology and other assets, according to Department of Justice documents. US Treasury.

All of Vekselberg’s assets in the United States are frozen and US companies are prohibited from doing business with him and his entities. The Ukrainian-born businessman built his fortune by investing in the aluminum and oil industries in the post-Soviet era.

Prosecutors allege Vekselberg bought the Tango in 2011 and has owned it ever since, although they believe he used shell companies to try to conceal his ownership and avoid financial scrutiny.

They argue that Vekselberg and those who work for him continued to make payments using US banks to support and maintain the yacht, even after sanctions were imposed on him in 2018. Those payments included a December 2020 stay in a luxury water villa resort in the Maldives and yacht mooring fees.

This is the first US seizure of an oligarch’s yacht since US Attorney General Merrick Garland and Yellen assembled a task force known as REPO – short for Russian Elites, Proxies and Oligarchs – in the purpose of applying sanctions after the invasion of Ukraine by Russia at the end of February.