The German authorities are giving a Russian bank a tough time. As per the Federal Public Prosecutor's Office in Karlsruhe, they're planning to seize over 700 million euros from a Russian bank. The reason behind this move? The bank tried to sneakily withdraw money to Russia, despite the existing sanctions.
On July 7, the Federal Public Prosecutor's Office appealed to the Frankfurt am Main Higher Regional Court to start these independent confiscation proceedings. The Russian bank was added to the EU's sanction list in June 2022, which means it's not allowed to hold assets at European financial institutions.
The bank's management made a swift move after being added to the list, attempting to withdraw over 720 million euros from Frankfurt. But the bank there refused to execute the electronic transfer order. The independent confiscation proceedings were initiated as no one could be prosecuted or convicted for the offense at the moment.
Germany's stance against Russia has been firm since the ongoing conflicts between Russia and Ukraine. The European Union has imposed various sanction packages against Russia, affecting Germany's economy, particularly in the energy and utilities sectors. Companies have experienced revenue losses and many have left or plan to leave the Russian market.
There have also been investigations and confiscations related to suspected sanctions breaches by individuals like Roman Abramovich in Germany. This includes raids on properties and the confiscation of luxury items and artwork. But the enrichment data does not provide specific details about a confiscation of over 720 million euros from a Russian bank.
