The United States believes that sanctioned Russian oligarch Oleg Deripaska laundered money for President Vladimir Putin, The Financial Times reported Friday, citing a U.S. Treasury letter to Deripaska’s lawyers explaining the sanctions.

The Trump administration imposed sanctions on Deripaska and two dozen other tycoons and officials in April 2018 in retaliation for what it called Russia’s “malign activity around the globe.” Deripaska sued the United States in 2019, asking OFAC, the Treasury Department’s office overseeing sanctions, to provide evidence of him profiting off his ties to Putin.

The OFAC letter to Deripaska’s lawyers cited by the FT states that, in 2016, Deripaska “was reportedly identified as one of the individuals holding assets and laundering funds on behalf of Russian President Vladimir Putin.”