Authorities want to confiscate 720 million euros from Russian bank
According to the information provided, the Federal Public Prosecutor's Office applied to the Frankfurt am Main Higher Regional Court to open the proceedings on July 7. Accordingly, the Russian bank was placed on the European Union's sanctions list in June 2022. This is associated with a ban on holding assets at European financial and credit institutions.
Shortly after being added to the list, managers at the Russian bank attempted to withdraw the more than 720 million euros from Frankfurt. However, the bank there did not execute the electronic transfer order. The independent confiscation proceedings had been applied for because no specific person could currently be prosecuted or convicted for the offense.
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The Russian bank in question is based in Frankfurt am Main, Germany. This bank was aiming to move 720 million Euros from its account at a bank in Frankfurt. Fortunately, the transaction was not processed due to the bank's compliance with the EU sanctions. The Russian authorities have shown interest in this case, as the Russian bank is one of the entities subject to EU sanctions, which was added to the list in June 2022.
The German federal prosecutor's office filed a request with the Higher Regional Court of Frankfurt on July 7 to initiate legal proceedings against the Russian bank. The Bundesbank, the German central bank, is also involved in the case, as it is tasked with enforcing sanctions within Germany. It's worth noting that Frankfurt is not only a significant financial center in Germany but also in Europe, housing major banks and institutions like the European Central Bank.
At Frankfurt's city limits, there is another famous German city called Karlsruhe, both of them being important locations for the European financial system. Consequently, Russian authorities have expressed discontent with these sanctions and actions by German and European authorities. However, under the current circumstances, the European authorities remain firm in enforcing sanctions against the Russian bank, preventing the movement of over 720 million Euros.
Source: www.stern.de
