https://sputnikglobe.com/20220530/eus-intent-on-confiscating-frozen-russian-assets-legally-challenging-1095883041.html
EU's Intent on Confiscating Frozen Russian Assets Legally Challenging
EU's Intent on Confiscating Frozen Russian Assets Legally Challenging
Sputnik International
MOSCOW, May 30 (Sputnik) - The confiscation of frozen Russian assets in Europe and their allocation for Ukraine's reconstruction require solid legal... 30.05.2022, Sputnik International
2022-05-30T18:17+0000
2022-05-30T18:17+0000
2022-05-30T18:17+0000
europe
russia
ukraine
reserves
assets
https://cdn1.img.sputnikglobe.com/img/105736/28/1057362814_0:160:3073:1888_1920x0_80_0_0_e5d2372f2c77a6d1744d5517934156aa.jpg
"Yes, it [the issue of confiscating Russian assets in Europe] is being considered. But we know that from a legal perspective, the transition from freezing to confiscation is very complicated. Various countries, with the support of the European Commission, will explore it, yet the outcome is not predetermined," Gentiloni told a briefing.According to Gentiloni, "in all cases" the principle of the rule of law will be respected."Different countries are examining the legal conditions of how the decision to freeze tens of billions of Russian assets, including 1.8 to 1.9 billion euros [$1.9 to 2 billion] in Italy, can be transformed into confiscation. It is not a political decision, it needs legal grounds," Gentiloni said, answering a question from a Sputnik correspondent.The European countries imposed economic sanctions on Russia shortly after Moscow launched its military operation in Ukraine on February 24 and proceeded with freezing Russian assets throughout Europe. The foreign exchange reserves of the Russian central bank worth hundreds of billions of dollars have been arrested as well, with the European officials calling on introducing measures to confiscate the assets and allocate them for rebuilding of Ukraine.In mid-March, the European Commission initiated the ‘Freeze and Seize' Task Force, which is targeted at locating and freezing the Russian assets in Europe as well as looking into the possibility to forfeiture them. On Sunday, a high-ranking EU source said that EU leaders will discuss the possibility of confiscating assets frozen as part of sanctions against Russia at the Brussels summit on May 30-31.
https://sputnikglobe.com/20220429/kremlin-us-bill-allowing-transfer-of-seized-assets-to-ukraine-is-flagrant-distortion-of-intl-law-1095143291.html
https://sputnikglobe.com/20220518/pain-in-the-assets-brussels-reportedly-mulls-giving-russian-tycoons-seized-cash-to-kiev-as-loans-1095610838.html
ukraine
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
europe, ukraine, reserves, assets
europe, ukraine, reserves, assets
EU's Intent on Confiscating Frozen Russian Assets Legally Challenging
MOSCOW, May 30 (Sputnik) - The confiscation of frozen Russian assets in Europe and their allocation for Ukraine's reconstruction require solid legal justification, as the transition from freezing assets to their forfeiture is highly problematic from a legal standpoint, European Commissioner for Economy Paolo Gentiloni said on Monday.
"Yes, it [the issue of confiscating Russian assets in Europe] is being considered. But we know that from a legal perspective, the transition from freezing to confiscation is very complicated. Various countries, with the support of the European Commission, will explore it, yet the outcome is not predetermined," Gentiloni told a briefing. According to Gentiloni, "in all cases" the principle of the rule of law will be respected.
"Different countries are examining the legal conditions of how the
decision to freeze tens of billions of Russian assets, including 1.8 to 1.9 billion euros [$1.9 to 2 billion] in Italy, can be transformed into confiscation. It is not a political decision, it needs legal grounds," Gentiloni said, answering a question from a Sputnik correspondent.
The European countries imposed
economic sanctions on Russia shortly after Moscow launched its military operation in Ukraine on February 24 and proceeded with freezing Russian assets throughout Europe. The foreign exchange reserves of the Russian central bank worth hundreds of billions of dollars have been arrested as well, with the European officials calling on introducing measures to confiscate the assets and
allocate them for rebuilding of Ukraine.
In mid-March, the European Commission initiated the ‘Freeze and Seize' Task Force, which is targeted at locating and freezing the Russian assets in Europe as well as looking into the possibility to forfeiture them. On Sunday, a high-ranking EU source said that EU leaders will discuss the possibility of confiscating assets frozen as part of sanctions against Russia at the Brussels summit on May 30-31.
