Germany to Transfer Millions in Russian Assets to Its Budget

The German Public Prosecutor's Office plans to confiscate and transfer over 720 million euros worth of Russian assets to the national budget. A corresponding request has been submitted to the Frankfurt court on the Main.

Der Spiegel initially reported on the prosecutor's plans, which were later confirmed by the supervisory authority. This information comes from Meduza.

The assets in question are funds frozen in a bank account of a Russian financial institution in Frankfurt, related to sanctions imposed against Russia. The prosecutor's office added that the request for confiscation is linked to attempts to circumvent the sanctions. The supervisory body did not provide further details.

Der Spiegel also reports that the 720 million euros are funds that were deposited by the Moscow Exchange in the National Settlement Depository (NSD). The NSD fell under sanctions in June 2022. On the day the restrictive measures were announced, NSD representatives attempted to withdraw these funds from JP Morgan's German division accounts to the accounts of the Moscow Exchange's National Clearing Center at Commerzbank. Both banks refused to process the transfer.

The German Public Prosecutor's Office considers the attempted withdrawal of funds as an evasion of sanctions, which, in their opinion, formally justifies the confiscation of the assets.