Germany takes legal action to seize more than $780 million in assets from Russian bank in Frankfurt

GENEVA 

German authorities are seeking to seize €720 million ($787 million) in assets from a Russian bank, the federal prosecutor’s office said Wednesday.

Independent confiscation proceedings have been initiated for the bank’s assets in Frankfurt am Main, according to officials

The reason for the confiscation is an attempted violation of existing sanctions against Russia, the Federal Public Prosecutor’s Office said in a statement. The bank had attempted to withdraw the money to Russia.

It said the Federal Public Prosecutor’s Office applied to the Frankfurt am Main Higher Regional Court to open proceedings July 7.

The Russian bank, which is not mentioned by name, was added to the European Union’s sanctions list in June 2022, according to the authority.

The EU sanctions provide a ban on disposing of assets at European financial and credit institutions.

According to the Federal Public Prosecutor’s Office, those responsible at the Russian bank tried to withdraw more than €720 million from Frankfurt shortly after it was added to the list.

But the bank did not execute an electronic transfer order.

German authorities also announced that independent confiscation proceedings had been applied for because no specific person can currently be prosecuted or convicted for the offense.

• Assets
• Banking
• EU
• Germany
• Prosecution
• Russia
• Sanctions