Hunting for Russian assets
According to draft recommendations reviewed by Bloomberg, the European Union intend in the tenth package of anti-Russian sanctions to force banks to disclose information about the assets of the Central Bank of the Russian Federation.
“Awareness of the extent of central bank assets and other sanctioned state assets blocked in the EU is seen as the first step in exploring potential use options for these funds to help Ukraine rebuild,” the article says.
According to the publication, the European Commission also wants to strengthen reporting obligations on frozen assets associated with sanctioned Russian companies and individuals, and has proposed to impose fines of up to 50,000 euros for individuals and 10% of annual turnover for legal entities. to provide the necessary information.
The authors of the material noted that EU countries plan to adopt the 10th package of sanctions next week, on the eve of the anniversary of the start of Russia’s special military operation. In addition, European authorities sought to increase support for Kiev through promises of new arms deliveries and talks with Ukrainian President Volodymyr Zelensky “before the resumption of offensive actions in the coming weeks”.
“Russia will also have to pay for the destruction it has caused and contribute to the rebuilding of Ukraine. Together with our partners, we are studying how to use Russian state assets for the benefit of Ukraine,” he said.
10th package
According to the publication, the 10th package of measures will impose “comprehensive trade restrictions on goods used by the Russian military, including technology, components, heavy vehicles, electronics and rare earth elements.” In addition, the EU plans to “impose a ban on the transit of goods through Russia and impose restrictions on imports of Russian rubber and asphalt to the EU to reduce the risk of violating sanctions”.
“The EU also plans to impose sanctions on dozens of individuals and organizations, including politicians and military personnel, as well as Alfa-Bank, Rosbank, Tinkoff Bank JSC and the National Wealth Fund of the Russian Federation,” the article says.
The new restrictions will also include media “propagandizing to support aggression against Ukraine” and Russia’s reinsurance company of ships exporting Russian oil. The sanctions will also affect a UK-registered shipping company “whose ships are accused of transporting stolen Ukrainian grain on behalf of Russia”.
The authors of the material noted that the proposed measures will be discussed by EU member states this week and that the content of the 10th sanctions package may change before it is approved. Adoption of new EU restrictions will require the support of all member states.
Other proposals include extending the suspension of broadcast licenses for Russian state-controlled media accused of propaganda against the EU and its neighbors, manipulating and distorting facts.
According to documents seen by journalists of the publication, the EU also wants to prohibit Russian citizens from serving in the governing bodies of operators of critical infrastructure and organizations in Europe.
Likewise, if the sanctions package is approved, it will ban “the provision of gas storage capacity to Russian citizens and residents, as well as to entities based in Russia.”
“11 billion euro ban”
Ursula von der Leyen, President of the European Commission, said in her speech at the plenary session of the European Parliament in Strasbourg that the 10th package of sanctions against Russia proposes to introduce “11 billion euros in trade bans”.
According to TASS, “We propose to impose restrictions on the export of many electronic components, such as drones, missiles, helicopters, used in Russian systems, among other things.”
On February 13, Politico journalists reported, citing sources, that the new sanctions should affect around 130 new organizations and individuals. Poland, the Baltic states, Germany and France have also proposed candidates to renew the “black list”.
According to the publication, the restrictions will also affect officials “appointed by Russia in the occupied territories in Ukraine.”
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.