The European Commission wants to simplify the confiscation of Russian assets whose owners are subject to sanctions.

This was reported by Slovo i Dilo.

‘The European Commission will soon present a proposal to modernise the existing legal framework for asset confiscation and recovery in order to strengthen the powers of national authorities to trace, freeze, confiscate and manage criminal proceeds,’ said EC Vice President Margaritis Schinas.

According to the publication, the assets of sanctioned persons in the European Union are currently estimated at €139 billion, of which only one per cent has been confiscated. Asset recovery offices in all 27 EU member states are to be given expanded powers to identify them.

The new plans of the European Commission may also help to strengthen sanctions against oligarchs and politicians.

Read all about the confiscation of Russian assets and the Ukrainian model in our research.