Liccardo Calls for Federal Investigation into Russian-Owned Menlo Park Development, Potential Sanctions

WASHINGTON, D.C. – Congressman Sam Liccardo (D-CA) demands Treasury Secretary Scott Bessent launch an immediate federal review of the ownership and financing behind a proposed real estate development at 80 Willow Road in Menlo Park. Liccardo urged the Office of Foreign Assets Control (OFAC), the Committee on Foreign Investment in the United States (CFIUS), and other appropriate federal agencies to examine the property and consider sanctions against its Russian owner, Vitaly Yusufov, and his father, Igor Yusufov.
“I urge immediate review of the source of funding behind a real estate development at 80 Willow Road in Menlo Park, California, owned by a Russian citizen, Vitaly Yusufov,” wrote Liccardo. “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 (OFAC), the Committee on Foreign Investment in the U.S. (CFIUS), and, ultimately, consideration for sanctions.”
In the letter, Liccardo cited public reporting regarding Vitaly Yusufov’s past business dealings, his sanctions by Ukraine, and reported connections involving Russian government officials and organized crime figures. The letter also notes that Yusufov’s father, Igor Yusufov, previously served as Russia’s Energy Minister and as a board member of Gazprom and Rosneft.
Liccardo raised separate national security concerns because of the property’s location in Silicon Valley and its proximity to companies and research centers working in defense technology, artificial intelligence, and quantum computing.
“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,” the letter reads.
The letter also points to concerns surrounding transparency in the property’s financing and ownership. Liccardo cited a 2023 FinCEN warning that sanctioned 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.
Liccardo requested a formal federal review of Yusufov, Willow Project LLC, and the 80 Willow Road property, including transactions and entities associated with its acquisition, financing, ownership, and development.
“Given the reported ties to U.S. adversaries and organized crime figures, as well as the development’s proximity to companies and infrastructure critical to our national security, we urge OFAC to immediately review Vitaly and Igor Yusufov for potential sanctions designation and urge appropriate federal agencies to review the ownership, financing, and development of 80 Willow Road,” wrote Liccardo.
Read the letter here .