U.S. Rep. Sam Liccardo is asking the U.S. Treasury Department to review a Russian businessman’s role in the proposed redevelopment of the iconic former headquarters of Sunset Magazine in Menlo Park.
The owner of the historic property, Willow Project LLC, is controlled by Vitaly Yusufov, whose father, Igor Yusufov, is the former Energy Minister of the Russian Federation, according to the San Jose Democrat.
Both Vitaly and Igor Yusufov are sanctioned by Ukraine; the elder Yusufov was also sanctioned by Canada last year, according to Liccardo. Sanctioned individuals cannot own property in the U.S., under rules of the Treasury’s Office of Foreign Assets Control.
In a letter to Treasury Secretary Scott Bessent dated Wednesday, Liccardo raised national security concerns because the property at 80 Willow Road is near Silicon Valley companies and research centers.
Its neighbors include Meta Platforms, owner of Facebook; the fintech company Robinhood, Pacific Biosciences and scientific researcher SRI International.
“Given the very high concentration of defense tech, artificial intelligence, and quantum computing companies and research centers in the region, we believe federal agencies should review the property, its ownership, and its financial backing to ensure Kremlin officials and their proxies cannot obtain sensitive information about critical U.S. companies and their employees,” Liccardo wrote.
Liccardo also cited a 2023 report from the Treasury’s Financial Crimes Enforcement Network saying Russian elites and their proxies “may seek to exploit vulnerabilities in the U.S. commercial real estate market to evade sanctions or conceal illicit funds.”
“Public sources raise serious questions about Vitaly Yusufov’s ties to the Russian government and individuals linked to organized crime, warranting immediate review by the Office of Foreign Assets Control, the Committee on Foreign Investment in the U.S. and, ultimately, consideration for sanctions,” Liccardo wrote.