EU members have already seized assets worth €9.89 billion
The EU is making progress in its work to impose sanctions against Russia and support Ukraine’s reconstruction. This Wednesday, the European Commission proposed to prosecute non-compliance with sanctions across the European territory, which would provide a legal basis for seizing oligarchs’ assets in the future.
Four countries have even proposed to use these funds and the frozen reserves of the Russian Central Bank for this purpose – worth around €300,000 million – for the reconstruction of Ukraine. However, the European Commission has not yet made a proposal in this regard. On the other hand, it has spoken out about the need to make a change in Community law that allows for the confiscation of assets seized from Russian oligarchs complicit in the Russian invasion.
Brussels is still waiting for the approval of the Twenty-seven and the European Parliament to classify sanction evasion as a crime in the EU before presenting its legislative proposal. Since the beginning of the Russian invasion, member states have seized assets worth EUR 9.89 billion. Flats, works of art, yachts… which, according to current regulations, can only be seized in certain countries. In Spain, for example, non-compliance with sanctions is hardly an administrative error.
Meanwhile, work to approve the sixth package of sanctions – including the ban on Russian oil – continues. European Council President Charles Michel has been optimistic on Wednesday, saying he hopes to unblock negotiations and approve the new set of penalties against Moscow ahead of Monday’s European summit.
At a press conference with Swedish Prime Minister Magdalena Anderson, Michel assured “to be confident” in reaching a speedy deal. “It is not easy, but we are not throwing in the towel and we are working hard and I hope we can show again that we are united and that the European Council is an important moment to show unity,” he stressed.
The cessation of oil imports represents a “difficult” transition, especially for countries like Lithuania and Hungary, whose supply is completely dependent on Russia. The Hungarian government has opposed all energy sanctions from the outset and has asked for a three-year term to cut its commercial ties with Moscow. Despite the fact that there are still details to discuss, such as the possible aid the country could receive from the EU to offset the costs of the veto on Russian oil, the two sides have grown closer.
In the same vein, the European Commission has announced the creation of a specialized working group to reduce Europe’s dependence on Russian fossil fuels by 2030. The Committee of Experts will assist Member States and neighboring countries in the coming year, a task it will carry out together with the EU Energy Platform.
The experts will start work on June 1 with the aim of addressing the main points of the REPower EU plan, which focuses on demand aggregation, storage coordination and energy supply negotiations.
Source: La Verdad
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