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In order to facilitate the expropriation of assets created through illegal activities aimed at taking action against Russian oligarchs, the EC has proposed some new rules.
Against the background of Russian aggression in Ukraine and discussions about rebuilding the war-torn country, it is required that the billions of Putin’s oligarchs, who are on the list of international sanctions, be taken and used for this very purpose.
But this is more difficult than one might think. The commission proposes that Brussels create a legal framework for EU member states to make it easier to confiscate and expropriate money from criminal activities.
“For the confiscation and recovery of assets, when the violation of the Union’s restrictive measures is criminalized, it will be possible or much easier to confiscate the proceeds of that crime. “This is the purpose of all the new directives we are proposing.” said European Commissioner for Justice Didier Reynders.
So far the rules have been very different, expropriation is very difficult. The proposals mainly target terrorism or cross-border organized crime, but they could also apply to the assets of oligarchs, which are on the EU sanctions list.
The main point is to speed up the processes. If a national court is convinced that the money comes from criminal activities, then it should be frozen before sentencing. In case of doubt the Court would have seven days to make a final decision.
Because money “tends to disappear,” says Commissioner Ylva Johansson. The rules will also apply to the repayment of sanctioned money, including transfers to family members.
As for the Russian oligarchs, many EU member states have legal difficulties in freezing and receiving money in general. The EU already has the opportunity to inform about the violation of sanctions through informants.
But in some countries they are seen only as lawlessness. Brussels now proposes to turn the violation of sanctions everywhere into a criminal offense.
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