Russian assets of 5.32 billion euros were sanctioned in Germany

More than five billion euros have been sanctioned in Germany since the start of the war in Ukraine. This was announced by the Federal Ministry of Finance. A new Central Office for Sanctions Enforcement (ZfS) is still being established

Just less than a year after the start of the Russian war of aggression on Ukraine, assets amounting to 5.32 billion euros have been sanctioned in Germany. This was announced by the Federal Ministry of Finance in response to a request of WELT AM SONNTAG.

The sum is made up of assets of Russian “entities,” which include the Russian Central Bank in addition to individuals and companies on the EU sanctions list. The ministry would not answer how high the frozen assets of the so-called Russian oligarchs in Germany are.

The Central Office for Sanctions Enforcement (ZfS) is still being set up. So far, 36 employees work there, and “the further increase in staff is being continuously driven forward,” the Ministry of Finance announced. For “the priority areas such as asset identification”, “the structures are being set up”.

Actually, according to the Sanctions Enforcement Act II, the ZfS should also keep a register of frozen assets, which is to be published on the agency’s website. So far, however, that has not happened.

“The entries can only be made when there is an assured investigation status,” the Ministry of Finance announced. “The technical implementation of the asset register has been initiated,” it said.

Previously Insight News reported that Switzerland refused to confiscate frozen Russian assets, but at the same time initiated proceedings to confiscate the assets of former Ukrainian President Yanukovych and joined the EU restrictions on crude oil and petroleum products from Russia, and introduced a price cap on them.

Nevertheless, the confiscation of Russian assets of sanctioned entities and the subsequent transfer of these assets to Ukraine will reduce the burden on European taxpayers. After all, the constant and much-needed financial assistance to Ukraine comes from the taxes of European and American citizens. 

Nevertheless, this is Putin’s war of choice. Therefore, Russian citizens and legal entities must pay for the ongoing aggression. Accordingly, the confiscation of Russian assets is seen as an effective tool to help Ukraine.

Photo: Mega-yacht “Dilbar” arrested at Hamburg: The approximately 156-meter-long ship in the property of the Russian oligarch Alisher Usmanov, who is on the EU sanctions list / @Markus Scholz.

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