Due to the EU sanctions, the money of Russian oligarchs is frozen in Germany. In addition, according to the law on the application of sanctions, they are forced to declare their assets.
The Federal Government of Germany reported the relevant information. It responded to the request of the Bundestag deputy from the Left Party, Christian Görke.
What is known about Russian assets in Germany?
According to the document, about five billion euros of assets of Russian oligarchs are frozen in Germany, which is only half a billion euros more than in July, – the report said.
That is, the law on the application of sanctions has kept the number of assets much the same. Although in case of failure to declare them, the sanctioned persons face a fine or imprisonment for up to a year.
Out of 1000 sanctioned people, only 8 have reported
Since the law came into force, from August to the present, only eight people have complied with it. In total, they own assets worth 577 million euros. And more than 1000 individuals and 100 legal entities with assets in Germany have been sanctioned by the EU.
The numbers prove that the reporting obligations in the law on the application of sanctions are a failure. For several months, the oligarchs did not report anything at all. Because they know that investigators in Germany are still in the dark. Who owns what in Germany is a black box, – Görke said.
The European Union has frozen 68 billion euros of Russian assets. Approximately 50 billion of them are frozen in Belgium, another 5.5 – in Luxembourg, and about 33.8 – in the European Union.
Sanctions against Russia: facts
The European Union has imposed several sanctions against Russia over its war against Ukraine.
On December 16, the EU leaders agreed on the 9th package of sanctions. It provides for restrictions on 168 Russian companies related to the military-industrial complex, prohibits the export of aircraft engines to Russia, namely for drones, and also provides for essential sanctions against the energy and mining sectors.