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| Germany planning to confiscate $800 million in Russian assets | Germany planning to confiscate $800 million in Russian assets |
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| A Federal Prosecutor in Karlsruhe is reportedly targeting a Moscow Stock Exchange subsidiary | |
| German officials have announced plans to seize almost $800 million in assets from a Russian bank account due to alleged violations of EU sanctions. | German officials have announced plans to seize almost $800 million in assets from a Russian bank account due to alleged violations of EU sanctions. |
| The Federal Public Prosecutor’s Office in Karlsruhe has initiated “independent confiscation proceedings,” according to its official website. | The Federal Public Prosecutor’s Office in Karlsruhe has initiated “independent confiscation proceedings,” according to its official website. |
| “As part of this procedure, the account balance of a Russian financial institution at a Bank in Frankfurt am Main amounting to more than €720 million ($788 million) will be confiscated,” the statement added. | “As part of this procedure, the account balance of a Russian financial institution at a Bank in Frankfurt am Main amounting to more than €720 million ($788 million) will be confiscated,” the statement added. |
| Authorities are reportedly targeting the assets of a Moscow Stock Exchange subsidiary at the German branch of JPMorgan, Der Spiegel said on Wednesday. | Authorities are reportedly targeting the assets of a Moscow Stock Exchange subsidiary at the German branch of JPMorgan, Der Spiegel said on Wednesday. |
| The Prosecutor General’s Office has said the Russian institution in question was included on the EU’s sanctions list in June 2022, resulting in a ban on the disposal of its assets in the bloc’s financial and credit institutions. | The Prosecutor General’s Office has said the Russian institution in question was included on the EU’s sanctions list in June 2022, resulting in a ban on the disposal of its assets in the bloc’s financial and credit institutions. |
| “Shortly after the listing, unknown officials at the Russian financial institution attempted to withdraw more than €720 million from its account at a bank in Frankfurt am Main. The bank did not execute the electronic transfer order,” the prosecutor’s statement said. | “Shortly after the listing, unknown officials at the Russian financial institution attempted to withdraw more than €720 million from its account at a bank in Frankfurt am Main. The bank did not execute the electronic transfer order,” the prosecutor’s statement said. |
| The Prosecutor General’s Office has sent a corresponding request for an investigation to a court in Frankfurt. If successful, the money will reportedly be transferred to the state treasury to replenish Germany’s ailing budget. | The Prosecutor General’s Office has sent a corresponding request for an investigation to a court in Frankfurt. If successful, the money will reportedly be transferred to the state treasury to replenish Germany’s ailing budget. |
| Germany has blocked about €5.3 billion of Russian assets in its financial institutions, according to the country’s data. | Germany has blocked about €5.3 billion of Russian assets in its financial institutions, according to the country’s data. |
| An estimated $300 billion of Russian central bank assets have been frozen worldwide since Moscow launched its military operation in Ukraine. Of that amount, $100 billion is reportedly being held in the US, while $200 billion is frozen in the EU. The funds have reportedly generated nearly $4 billion in profits. | An estimated $300 billion of Russian central bank assets have been frozen worldwide since Moscow launched its military operation in Ukraine. Of that amount, $100 billion is reportedly being held in the US, while $200 billion is frozen in the EU. The funds have reportedly generated nearly $4 billion in profits. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |