U.S. Markets closed

Miley & JT caught in U.S.-Russia sanctions war

Hot Stock Minute
Miley & JT caught in U.S.-Russia sanctions war

Miley Cyrus and Justin Timberlake may have to cancel concerts planned for May and June because of U.S. sanctions against Russians. That’s right, Miley and JT could be the latest unlikely victims of the sanctions war between the United States and Russia following Russia’s annexation of Crimea from Ukraine.

Timberlake and Cyrus are both scheduled to appear at the Hartwell Arena in Helsinki, Finland. Timberlake’s show is set for May and Cyrus’ in June. The arena is owned by three Russians who were included in the United States’ list of individuals sanctioned for having close ties to Russian President Vladimir Putin.

Gennady Timchenko and brothers Boris and Arkady Rotenberg hold a controlling interest in the arena. U.S. sanctions ordered their assets frozen and banned travel visas as well. The concert promoter is the Finnish subsidiary of Beverly Hills-based Live Nation, the world’s largest concert promoter and ticket agency. According to the Financial Times, the U.S. Treasury Department would have to give Live Nation permission to complete financial transactions with Hartwell Arena after the sanctions list was issued.

According to the FT, Live Nation said it will work with U.S. authorities to ensure the sanctions are upheld.

If you find it slightly incredible that Miley Cyrus and Justin Timberlake could be caught up in the geopolitical stand-off some are calling the new cold war, Yahoo Finance Michael Santoli says there is a simple explanation. He says it demonstrates how globalized we are. “These sanctions were meant to penalize Putin’s regime and all of a sudden, the citizens of Finland and a couple of American pop stars might actually have to change their plans because of it.”