The European Union Can Use Confiscated Oligarch Assets for Ukraine

It was noted that after the sanctions by the European Union authorities, the seized assets belonging to the Russian oligarchs are considered to be used for Ukraine.

European Union (EU) officials came to the conclusion that the Russian oligarchs, who were sanctioned due to Russia's invasion operation against Ukraine, could use their seized assets to heal the war wounds of Ukraine. It is stated that a significant part of the oligarchs in Russia acquired their financial assets in the 1990s, when state assets were transferred to the private sector in a chaotic and corrupt process that took place under the administration of then-president Boris Yeltsin. The EU has decided to sanction the assets of many Russian oligarchs. He confiscated assets such as superyachts, jets and real estate. The value of frozen assets in Italy alone reached 780 million euros. The subject is not clear yet.

The European Union evaluated four consecutive sanctions packages after the invasion of Ukraine.

While the fourth sanctions package targeted various sectors of the Russian economy and some individuals and organizations, Russia's "most favored country" status was also suspended.

In the statement made by the EU, it was stated that it will continue to pressure the elites close to Russian President Vladimir Putin, their families and supporters, and will prevent the Russian state and elites from using crypto assets to avoid sanctions.

In addition to pointing out that the export of luxury goods from EU countries to Russia will be banned, it was stated in the statement that the import of important goods in the iron and steel industry from Russia would be prevented and new investments in Russia's energy sector would be prohibited.

Within the scope of the latest sanctions package, it was anticipated that the sending of products such as caviar, beverages, cigars, electronic devices, perfumes, bags, coats, suits, shoes, shirts, diamonds, gold, and precious stones costing more than 300 euros to Russia would be prohibited.

It was decided to add 15 people and 9 companies, including Russian billionaire Roman Abramovich, to the EU sanctions list, to freeze their assets and to impose a travel ban.