90 percent of the $14.5 billion in frozen Russian assets are held by only six EU nations.
Even though the G7 has frozen around half of all private assets, the majority of activity is only being carried out by a small number of Member States.
According to Commissioner Didier Reynders, 90 percent of asset seizures are attributable to Austria, Belgium, Germany, Luxembourg, Ireland, and France.
Reynders stated in an interview that other EU nations may take additional measures to seize assets. But he said that it made sense that countries with significant financial institutions, like Luxembourg or Belgium, would have more oligarch bank accounts to freeze.
According to a report, the facts indicate that other nations including Italy, Spain, the Netherlands, Cyprus, Greece, Malta, the Baltics, Poland, and Hungary have together taken barely 10% of the market.
The Justice Commissioner has made it plain that she thinks the UK could be doing far more to seize billionaires' assets. Reynders referred to the United Kingdom as a laggard and added, "I was surprised to see the figures from the U.K."
In a major banking hub like London, "it’s logical that you have more bank accounts from oligarchs” in a big banking hub like London."
Reynders, on the other hand, has decided against pursuing the nearly $300 billion in frozen foreign reserves held by the Russian central bank in the West. It seems like the union wants to maintain it as a negotiating chip in upcoming peace talks. Reynders stated that it was "normal" that Russia be requested to pay for a significant portion of the reconstruction and added that it was "possible to have such a kind of guarantee, with the reserves of the Central Bank of Russia, frozen in different central banks."
Later this year, evading sanctions will become a crime throughout the EU. As a result, nations will be able to seize assets in the case of a court decision.
In certain nations, this is already the case, whilst in others, sanctions are an administrative affair.
"We are ready to put on the table a new directive to implement the extension of the list [of EU crimes]. With that it would be more efficient [to carry out] a possible confiscation in the case of such a criminal offence," according to Reynders.
By fLEXI tEAM