Donald Trump has no financial ties with Russia, with ‘few exceptions’, states President’s lawyers

President Donald Trump had earleri said that he might release his tax returns once his tenure ends. (File)

The White House released a letter written by two lawyers to US President Donald Trump on Friday, which indicated that he has no financial tied with Russia, with the exception of $95 million paid by a Russian billionaire for a Trump-owned property in Florida and a $12.2 million payment in connection with the Miss Universe Pageant in Moscow in 2013, reported The New York Times. The letter was cited by Trump in an interview with Lester Holt on NBC, to prove that he has no income from Russian sources or that he is in debt to them.

The letter, dated March 8, 2017, was issued by lawyers Sheri A. Dillion and William F Nelson of the tax law firm Morgan Lewis. Dillion and Nelson said they have served as tax counsel to Trump and The Trump Organisation (TTO) since 2005.

The letter reveals that in addition to the two transactions, Trump received ‘immaterial’ payments over 10 years from Russians for the ‘ordinary course sales of goods and services’, such as hotel rooms, rounds of golf, or Trump-licensed products, like wine, ties or mattresses. These payments, according to the lawyers, do not fall under the category as income, reported The NYT.

“Over the years, it is likely that TTO or third-party entities engaged in ordinary course sales of goods and services to Russians or Russian entities that could have produced income attributable to Russian sources,” the letter published by The NYT reads, adding, “…the amounts are immaterial”.