The sanctioned Russian oligarch Kerimov held a stake in SpaceX, according to Bloomberg.

Russian oligarch Suleiman Kerimov held a stake in Elon Musk's company SpaceX through a trust even after the first administration of U.S. President Donald Trump imposed sanctions against him.

Bloomberg reports this with reference to sources.

According to four sources from the publication, including two former high-ranking U.S. national security officials, billionaire Kerimov owned a stake in SpaceX through Heritage Trust, based in Delaware, since 2017. Initially, this trust held about 1% of the company's shares.

The share package was acquired a year before the U.S. Treasury imposed sanctions against Kerimov and other individuals.

Citigroup Inc., which managed the trust, sought advice from the Treasury and concluded that it had no obligation to block the trust and related entities. Therefore, it continued its operations.

In June 2022, the U.S. Treasury froze the trust at $1 billion, determining that it was created to manage Kerimov's American assets. According to the investigation, the fund used a complex system of legal structures and front individuals to conceal its connection with the oligarch. Sources for the publication stated that the stake in SpaceX was sold before the asset seizure process began, and the trust's ownership of shares in Musk's company had not been reported earlier.

"This situation highlights the difficulties in enforcing sanctions due to complex financial schemes, as well as the challenges faced by private companies like SpaceX, which is currently valued at approximately $350 billion and is becoming an increasingly influential player in global defense and communications," the article states.