Germany wants to seize EUR 720M worth of Russian assets

Germany wants to seize EUR 720M worth of Russian assets

The German Federal Public Prosecutor's Office has filed a lawsuit to confiscate more than EUR 720 million worth of Russian funds based on the suspected violation of the Foreign Trade and Payments Act.

According to a press release posted on the agency's website, on July 7, 2023, the Federal Public Prosecutor's Office filed a written motion before the State Security Chamber of the Higher Regional Court Frankfurt am Main, requesting independent confiscation proceedings.

"The aim of these proceedings is to seize more than 720 million euros deposited by a Russian financial institution in a bank account in Frankfurt am Main due to a suspected attempt to violate embargo regulations," the press release said.

Read also: Transfer of Russia's frozen assets to Ukraine will undermine Putin's confidence - The Atlantic

On June 3, 2022, the Council of the European Union listed the above-mentioned Russian financial institution in annex I to the so-called Russia Embargo Order (Council Regulation [EU] No 269/2014). As a consequence, any assets of the entity deposited with European financial institutes could no longer be subject to transactions, but were "frozen." Shortly after the listing, unknown individuals acting on behalf of the Russian financial institute attempted to deduct more than EUR 720 million from its account at a bank in Frankfurt am Main. The bank did not execute the electronic transfer order.

The German government has not yet commented on the situation.

This is the first such case in Germany. Earlier, the assets of companies and individuals that were subject to sanctions were only frozen.

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