EU sanctions may permit seizure of property owned by sanctioned Russians

(MENAFN) The latest set of EU sanctions toward Russia might authorize member states to seize property owned by sanctioned Russians who refuse to sell it, according to a Finnish news agency's report on Tuesday.

These assets could potentially be unfrozen for a six-month period, allowing owners to list their properties located within the EU for sale.

Under discussion as part of the 12th package of sanctions currently under debate by EU lawmakers, these measures aim to assist Finnish authorities in gaining control of Helsinki's largest sports and events arena.

The Helsinki Halli, previously known as Hartwall Arena, is owned by Russian businessmen Gennady Timchenko, Arkady Rotenberg, and Boris Rotenberg.

It has remained closed since February 2022 due to sanctions against its billionaire owners. Officials in the Finnish capital have voiced concerns, stating a loss of over €100 million (approximately USD 110 million) annually due to the venue's inactivity.

In September, Kai Paananen, Timchenko's Finnish representative, informed the Helsingin Sanomat newspaper that the owners had agreed to sell the venue.

Recently, a Finnish tabloid cited sources within the country's Foreign Ministry, indicating that Helsinki plans to expedite efforts to seize the assets of the three Russian businessmen if they persist in refusing to sell.

Allegedly, the nationalization process is slated to commence in early 2024.


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