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Sunday, December 3, 2023
WorldAsiaEU plans to increase pressure on families of Russian billionaires

EU plans to increase pressure on families of Russian billionaires

The European Union intends to create a clearer legal framework for the prosecution of family members of Russian billionaires who have fallen under sanctions. On this subject writing Bloomberg citing sources.

According to them, on March 15, the European External Action Service informed EU member states that it would soon present a draft law on the matter. The proposal will set out the criteria and legal basis for applying sanctions to relatives of specific individuals.

Estonia and other countries have proposed broadening the criteria for imposing sanctions over concerns that those under restrictions could move money and assets around the sanctions, the newspaper writes.

The authors of the initiative want to ensure that there is a “very solid evidence base” indicating that some members of the families of billionaires have received “unjustified advantages” and could help circumvent the sanctions.

By data from Bloomberg , in the year since the start of the military operation in Ukraine, Russian billionaires have lost $67 billion due to sanctions.

On March 14, Leonid Volkov, an associate of opponent Alexei Navalny, proposed that Western countries develop a “legally and politically acceptable” mechanism to get Russians off sanctions lists. The politician explained his initiative by the fact that now businessmen and civil servants who have fallen under the restrictions have no choice but to return to Russia and join President Vladimir Putin.

*recognized as a foreign agent in Russia

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