Germany plans to seize assets totalling USD787M from Russian bank in Frankfurt
Date
12/21/2023 3:11:27 AM
(MENAFN) On Wednesday, the federal prosecutor's office in Germany revealed its intent to seize assets totaling €720 million (USD787 million) from an unnamed Russian bank. Officials have initiated independent confiscation proceedings targeting the bank's assets located in Frankfurt am Main.
The rationale behind this drastic measure is rooted in an alleged attempt by the Russian bank to violate existing sanctions against Russia, as stated by the Federal Public Prosecutor's Office in an official statement. Specifically, the bank was purportedly making efforts to withdraw the aforementioned funds and transfer them to Russia.
The legal process took a significant step forward when, on July 7, the Federal Public Prosecutor's Office formally submitted an application to the Frankfurt am Main Higher Regional Court, seeking authorization to open proceedings against the Russian bank.
Notably, the Russian bank in question found itself on the European Union's sanctions list in June 2022, according to the authorities. These EU sanctions impose a ban on the disposal of assets held at European financial and credit institutions.
As disclosed by the Federal Public Prosecutor's Office, individuals in charge at the Russian bank allegedly made an attempt to withdraw more than €720 million from Frankfurt shortly after the bank's inclusion in the sanctions list. However, the attempted transfer did not materialize as the bank did not execute an electronic transfer order.
Additionally, German authorities emphasized that independent confiscation proceedings were deemed necessary due to the current lack of specific individuals who can be prosecuted or convicted for the alleged offense.
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