European Commission to Seize Russian Assets

by Olha Povaliaieva
Monday, October 10, 2022
European Commission to Seize Russian Assets

The Organization is working on a new bill that will allow the seizure of assets falling under sanctions against Russia

Bloomberg reports that the new bill is aimed at seizing the funds of citizens of the aggressor country and using them to contribute to the reconstruction of Ukraine. The European Commission will not dispose of the assets, they will be transferred to Kyiv. Bloomberg is talking about assets that have already been sanctioned. But now, by law, the European Commission has simply frozen assets. In case of a positive decision, all of them will be handed over to the Ukrainian government.

European politicians are also discussing the possibility of introducing "secondary" sanctions. The list may include restrictions against individuals and legal entities from other countries that continue to work with the Russian Federation despite the sanctions.

Earlier, the president of Ukraine asked Europe to consider the possibility of a "warning strike" — the introduction of more powerful sanctions. The European Union probably responded to Zelenskyy's request.

You will be interested