Ukraine: European Commission proposes rules on freezing and confiscating assets of oligarchs and other criminals violating restrictive measures

On 25 May, the European Commission proposed the inclusion of violations of EU restrictive measures in the EU’s list of crimes, in light of Russia’s aggression against Ukraine. This will allow to set a common basic standard on criminal offences and penalties across the EU.

The Commission has also proposed new strengthened rules on asset recovery and confiscation, which would also facilitate the implementation of EU restrictive measures. The proposal would modernise EU asset recovery rules, in particular by expanding the powers of Asset Recovery Offices to quickly trace and identify the assets of individuals and entities subject to EU restrictive measures. These powers would also apply to criminally derived assets, including through the urgent freezing of assets where there is a risk that assets may disappear.

“EU sanctions must be respected and those trying to go around them punished. The violation of EU sanctions is a serious crime and must come with serious consequences, said Věra Jourová, the European Commission’s Vice-President for Values and Transparency. “As a Union we stand up for our values and we must make those who keep Putin’s war machine running pay the price.”     

The proposals have been put forward as part of the ‘Freeze and Seize’ Task Force, set up by the European Commission in March.  So far, Member States have reported frozen assets worth €9.89 billion and blocked €196 billion worth of transactions. On 11 April, Europol, jointly with Member States, Eurojust and Frontex, launched Operation Oscar to support financial and criminal investigations targeting criminal assets owned by individuals and legal entities covered by EU sanctions.

Once the EU Member States agree on the Commission’s initiative to extend the list of EU crimes, the Commission will present a legislative proposal based on the accompanying Communication and Annex.

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Press release