Authorities want to confiscate huge assets from Russian bank
The German authorities are cracking down: According to the Federal Public Prosecutor's Office in Karlsruhe, they will confiscate more than 700 million euros from a Russian bank. Despite the sanctions, the bank had attempted to withdraw money to Russia.
The German authorities want to confiscate 720 million euros in assets from a Russian bank. As announced by the Federal Public Prosecutor's Office in Karlsruhe, so-called independent confiscation proceedings have been 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 had attempted to withdraw the money to Russia.
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 its inclusion on 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 requested because no specific person could currently be prosecuted or convicted for the offense.
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Despite the ongoing Wars and conflicts between Russia and Ukraine, Germany has taken a firm stance against Russia. The German authorities have initiated independent confiscation proceedings to seize over 720 million euros from a Russian bank that attempted to withdraw money in violation of the sanctions imposed following the Attack on Ukraine.
Source: www.ntv.de
