Violation of sanctions
Authorities want to confiscate huge assets from Russian bank
December 20, 2023, 10:45 a.m
The German authorities are taking action: As the federal prosecutor’s office in Karlsruhe announced, they will collect more than 700 million euros from a Russian bank. Despite the sanctions, she tried to withdraw money to Russia.
The German authorities want to confiscate 720 million euros in assets from a Russian bank. As the Federal Prosecutor’s Office in Karlsruhe announced, a so-called independent confiscation procedure was initiated for the assets located in Frankfurt am Main. The reason for the planned confiscation is an attempted violation of the sanctions against Russia. The bank tried to withdraw the money to Russia.
According to the information, the Federal Prosecutor’s Office applied to the Frankfurt am Main Higher Regional Court to open the proceedings on July 7th. Accordingly, the Russian bank was placed on the European Union sanctions list in June 2022. This is associated with the ban on having credit balances with European financial and credit institutions.
Shortly after being included in the list, those responsible at the Russian bank tried to withdraw the more than 720 million euros from Frankfurt. However, the bank there did not carry out the electronic transfer order. The independent confiscation procedure was requested because no specific person could currently be prosecuted or convicted of the crime.