EU Freeze and Seize' Task Force ready to seize the assets of oligarchs
The European Commission has set up a 'Freeze and Seize' Task Force to implement sanctions and seize the assets of listed Russian and Belarussian oligarchs, in partnership with the G7.
EU Commissioner for Financial Services, Financial Stability, and Capital Markets Union, Mairead McGuinness, said:
- "We need to ensure that those who provide services – financial, legal and others – to oligarchs to facilitate sanctions evasion are fully aware of the risks they run.
- We will investigate any and all efforts to breach our sanctions legislation, and there will be consequences for violations."
The EU task force and its coordination with the G7 and Australia's newly established 'Russian Elites, Proxies, and Oligarchs (REPO)' Task Force, formalizes the close collaboration on Russian sanctions between Western powers.
The EU notes that its goal is to "guarantee the efficacy" of sanctions from the US and Europe – ensuring they have the maximum possible impact and show politically and economically influential people in and around Russia that the West is serious about sanctions enforcement.
The Freeze and Seize Task Force includes representatives from each member state, Eurojust and Europol, along with other EU agencies and bodies. It is set to meet weekly and will play an important role in information sharing within the EU and internationally.
These new measures also complement the 'KleptoCapture' Task Force established by the US – which aims to enforce the sweeping sanctions, export restrictions, and economic countermeasures that the US has imposed against Russia.
Unprecedented Global Response
Economic retaliation against Russia has seen an unprecedented, crippling, enforcement program rolled out globally. The EU and others have been keen to demonstrate their unity and action on enforcement through the media, potentially acting as a deterrent to countries considering similar actions, and encouraging oligarchs to proactively comply with new measures.
Even countries previously more reluctant to adopt Russian sanctions, like
- Switzerland, are now seizing holiday homes https://www.reuters.com/world/europe/swiss-seize-holiday-home-hurried-clampdown-russian-oligarchs-2022-03-21/
- Other assets, such as superyachts and private planes related to Russian oligarchs. https://www.bbc.co.uk/news/60739336
Meanwhile, Ireland's EU Commissioner Mairead McGuinness told The Irish Times that
- Fears that Russia may try to avoid sanctions through the use of cryptoassets, strengthening the case for applying anti-money laundering (AML) standards to the cryptocurrency industry.
The move was proposed by the European Commission last year but is still to be agreed by the European Parliament.
- "Recent events highlight the urgency of regulating cryptoassets,".
- "I am urging the European Parliament to move with speed to agree its position on the regulation on cryptoassets. The sooner we have a regulatory framework in place, the better."
Source Originally published March 24, 2022, updated March 24, 2022
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email email@example.com.