The EC proposes new rules for confiscating the property of Russian oligarchs
The European Commission today unveiled a proposal for new rules that would allow the confiscation and sale of property of Russian oligarchs and a proposal to add sanctions violations to the EU's list of crimes.
Under the proposed directive, property will be confiscated from individuals and legal entities violating or circumventing sanctions and those involved in criminal activity.
The purpose of the directive is to guarantee that the crime will not be paid for by confiscating illegally acquired property and to reduce the chances of perpetrators committing new crimes.
The proposed rules will also apply to sanctions violations and should ensure the effective monitoring, freezing, management and confiscation of revenues from sanctions violations.
Since the start of the war in Ukraine, the EU has imposed sanctions on individuals from Russia and Belarus. The commission says freezing the assets of Russian oligarchs and other individuals linked to aggression is crucial to dismantling the Russian military machine.
"It is therefore crucial to accelerate efforts to track and identify assets, as they are often overseen by very complicated structures set up to cover up the real owners," the commission said.
The commission proposed two laws. The first is to add violations of EU restrictive measures to the Union's list of crimes. The second refers to the newly strengthened rules on restitution and confiscation of property, which in addition to contributing to the implementation of EU restrictive measures, will also have a strong impact on the fight against organized crime.