New EU sanctions seek to push banks to disclose frozen russian assets
European Commission President Ursula von der Leyen. Photo: Getty Images
As part of the tenth sanctions package against russia for its war in Ukraine, the European Union intends to push banks to provide information about the assets of russia's central bank.
Bloomberg reports that it is important to get an idea of the extent of the assets of the central bank and other sanctioned russian state assets that have been frozen in the European Union.
"Getting a handle on the scale of central bank and other sanctioned state-backed assets that have been immobilized in the EU is seen as a first step to exploring options to potentially using those funds to contribute to Ukraine's reconstruction," Bloomberg comments on the draft proposal that was presented yesterday by the European Commission.
The European Commission also proposed tightening reporting obligations on frozen assets linked to sanctioned russian companies and individuals. The EC also proposed imposing fines of up to 50,000 euros for individuals and 10% of the annual turnover for legal entities for failure to provide the necessary information.
"We need to know where they are and how much they cost," European Commission President Ursula von der Leyen said in a video message on Wednesday, the European Pravda reported.
The proposed measures will still be discussed by EU member states this week. These may change before the package is approved. EU sanctions require the support of all member states.
As Rubryka reported, on February 15, the President of the European Commission presented an official proposal regarding the tenth sanctions package against russia.
The proposal includes further export bans worth more than 11 billion euros. This will make it possible to deprive the russian economy of critical technologies and industrial goods. russia will not be able to replace these goods with supplies from other countries: electronics, special transport vehicles, machine parts, spare parts for trucks and airplanes, and goods for the construction sector that the russian military can use.
