Germany’s federal prosecutor has filed a motion for asset forfeiture concerning more than 720 million euros or $789 million of frozen Russian money
BERLIN — Germany's federal prosecutor has filed a motion for asset forfeiture concerning more than 720 million euros ($789 million) of frozen Russian money.
The prosecutor's office said Wednesday that the aim of the motion, which was filed on July 7, is to seize the money deposited by a Russian financial institution in a Frankfurt bank account because of a suspected attempt to violate embargo regulations, which is criminalized under the German Foreign Trade and Payments Act.
Since Russia’s full-scale invasion of Ukraine on Feb. 24, 2022, the European Union has imposed various sanctions and restrictions on Russia. The measures have targeted the energy sector, banks, companies and markets, and made more than 1,000 Russian officials subject to asset freezes and travel bans.
According to a report on news site Spiegel Online, the federal prosecutor’s office wants the frozen funds to go into state coffers.
“What applies to unscrupulous rulers personally also applies to the assets of their power apparatus: we will not allow Russian funds used to finance the illegal war of aggression against Ukraine to be held unchallenged in German accounts," Justice Minister Marco Buschmann said.
In June 2022, the Council of the European Union listed the Russian financial institution, which wasn't explicitly named in the prosecutor's statement, in the so-called Russia Embargo Order. As a consequence, any assets of the entity deposited with European financial institutions could no longer be subject to transactions, but were “frozen.”
Shortly after the listing, unknown individuals acting on behalf
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