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EU to start confiscating Russian assets in October

12 July 2022 14:28 (UTC +04:00)

European Justice Commissioner Didier Reynders said on Tuesday the European Union would start confiscating Russian assets from October this year, APA reports citing Tele Trader.

The new measure is referred to as a punishment for Russia trying to evade EU sanctions, with Brussels planning to consider these attempts by Kremlin as a ''criminal offense [...], which will allow launching judicial procedures in EU countries.'' Confiscated assets will then ''be transferred to the fund to support the restoration of Ukraine,'' Reynders explained.

So far, the EU has frozen €13.8 billion in Russian assets, although it is still legally impossible for it to confiscate this money.