Hunting for Russian assets
Draft recommendations reviewed by Bloomberg indicate that the European Union plans to press banks to disclose information about the assets held by the Central Bank of the Russian Federation as part of the tenth package of anti-Russian sanctions.
Awareness of how much of the central bank’s assets and other sanctioned state holdings are blocked in the EU is described as the first step toward weighing options for using those funds to assist Ukraine’s reconstruction, the article notes.
The publication adds that the European Commission aims to bolster reporting on frozen assets tied to sanctioned Russian companies and individuals. It also suggests fines of up to 50,000 euros for individuals and penalties equal to 10% of annual turnover for legal entities that fail to provide the required information.
The material’s authors observe that EU nations intend to adopt the tenth sanctions package next week, aligning with the anniversary of Russia’s recognized military operation. European authorities are seeking to expand support for Kyiv through fresh arms deliveries and discussions with Ukrainian President Volodymyr Zelensky before what may be a resumption of offensive actions in coming weeks.
Officials emphasize that Russia should bear responsibility for the damage it has caused and contribute to Ukraine’s rebuilding. They state that partners are examining how to channel Russian state assets to benefit Ukraine (Bloomberg).
10th package
Bloomberg reports that the tenth package will impose broad trade restrictions on goods used by the Russian military, including technology, components, heavy vehicles, electronics, and rare earth elements. There is also a plan to ban the transit of goods through Russia and to curb imports of Russian rubber and asphalt into the EU to reduce sanction evasion risks.
The article notes the plan to sanction dozens of individuals and organizations, including politicians and military personnel, as well as Alfa-Bank, Rosbank, Tinkoff Bank JSC, and the Russian National Wealth Fund. The measures will also target media outlets accused of promoting aggression against Ukraine and the reinsurance company of ships involved in exporting Russian oil. A UK-registered shipping company allegedly transporting stolen Ukrainian grain on Russia’s behalf is also set to be affected.
Scholarly observers indicate that the new restrictions will be debated by EU member states within the week and that the package’s details may evolve before final approval. The adoption of the updated restrictions requires unanimous backing from all member states.
Additional proposals include extending the suspension of broadcast licenses for Russian state-controlled media accused of propaganda against the EU and its neighbors, and of distorting facts.
Documents reviewed by journalists reveal that the EU also aims to bar Russian citizens from serving on the governing boards of critical infrastructure operators and related European organizations. If approved, the sanctions would also ban the provision of gas storage capacity to Russian citizens, residents, and entities registered in Russia.
“11 billion euro ban”
In Strasbourg, Ursula von der Leyen, President of the European Commission, stated that the tenth sanctions package would include an 11 billion euro level of trade bans. TASS reports that the plan includes restricting the export of numerous electronic components used in Russian systems, including drones, missiles, and helicopters, among other items.
Politico, citing sources, reported on February 13 that the new sanctions could touch approximately 130 additional organizations and individuals. Poland, the Baltic states, Germany, and France have suggested expanding the blacklist. The coverage notes the sanctions would also target officials appointed by Russia in occupied Ukrainian territories.