EU proposes rules to freeze and confiscate assets of Russian oligarchs

The European Commission published their proposals in a report entitled “Ukraine: The Commission proposes rules on freezing and confiscating assets of oligarchs violating restrictive measures and of criminals,” on Wednesday, May, 25.

The EU report on further proposals for rules to stop oligarchs from violating measures stated:

“Today, the European Commission is proposing to add the violation of EU restrictive measures to the list of EU crimes.”

“The Commission is also proposing new reinforced rules on asset recovery and confiscation, which will also contribute to the implementation of EU restrictive measures. While the Russian aggression on Ukraine is ongoing, it is paramount that EU restrictive measures are fully implemented and the violation of those measures must not be allowed to pay off.”

“Today’s proposals aim to ensure that the assets of individuals and entities that violate the restrictive measures can be effectively confiscated in the future. The proposals come in the context of the ‘Freeze and Seize’ Task Force, set up by the Commission in March.”

“Firstly, the Commission is proposing to add the violation of restrictive measures to the list of EU crimes. This will allow to set a common basic standard on criminal offences and penalties across the EU. In turn, such common EU rules would make it easier to investigate, prosecute and punish violations of restrictive measures in all Member States alike.”

“Secondly, the Commission is putting forward a proposal for a Directive on asset recovery and confiscation. The core objective is to ensure that crime does not pay by depriving criminals of their ill-gotten gains and limiting their capacity to commit further crimes. The proposed rules will also apply to the violation of restrictive measures, ensuring the effective tracing, freezing, management and confiscation of proceeds derived from the violation of restrictive measures.”

Věra Jourová , Vice-President for Values and Transparency stated:

“EU sanctions must be respected and those trying to go around them punished. The violation of EU sanctions is a serious crime and must come with serious consequences.”

“We need EU-wide rules to establish that. As a Union we stand up for our values and we must make those who keep Putin’s war machine running pay the price.”

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