EU authorities fail to find and freeze most of Russian assets
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According to Bloomberg, the European Union still cannot find and freeze a significant part of Russian assets. So far, the EU has only frozen Russian assets worth around €21bn, while Russian foreign direct investment in the EU was estimated at €136bn in 2019, according to official figures from the European Commission.
In addition, there is the problem of uneven freezing of Russian assets. For example, Greece has frozen assets worth about €212,000 and Malta – €222,000, while Belgium and Luxembourg have blocked billions of dollars. EU officials have expressed concern about the lack of an effective mechanism to enforce the sanctions regime.
The process of combating the circumvention of sanctions is being slowed down by the lack of timely updates from EU governments and the failure to impose restrictions on family members and partners of those under sanctions who could potentially help protect or redistribute Russian assets.
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