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The "locomotive" of Europe's economy with slow progress in the implementation of sanctions against Russian oligarchs

2023-03-04 17:21:01Kosova&Bota SHKRUAR NGA REDAKSIA VOX
The "locomotive" of Europe's economy with slow progress in the
Germany

Germany is making slow progress in implementing sanctions against Russian oligarchs and institutions, according to German government data.

Germany has frozen 5.25 billion euros in assets belonging to Russian oligarchs who have been sanctioned since Russia launched its invasion of Ukraine a year ago, according to German Finance Ministry data, Reuters reports.

This figure is 4.28 billion euros six months ago. The ministry shared this information in response to a request from a member of the German Parliament, Christian Goerke.

"Since December [of 2022] only 200 million euros of oligarchs' assets have been frozen, and within half a year only one billion. "No oligarch has reported his assets since December," criticized Goerke.

Under German sanctions law, people targeted by European Union sanctions must immediately declare their assets. If they don't, they can face a fine or up to a year in prison.

So far, eight oligarchs have reported 31 assets to the Bundesbank, German government records show. The value of these assets is equivalent to 577 million euros. These assets include bank accounts, companies and securities.

Since Russia launched its unprovoked invasion of Ukraine on February 24, 2022, the European Union, the United States and other countries have imposed tough sanctions on Russia and Russian oligarchs and companies./REL


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