German sanctions against Russian oligarchs advancing slowly

Under Germany's sanctions law, targets of European Union sanctions must declare their assets immediately, under penalty of a fine or up to a year in prison.

European Union flags flutter outside the EU Commission headquarters, in Brussels, Belgium | File Photo | Photo Credit: Reuters

Germany is making slow progress in enforcing sanctions against Russian oligarchs and institutions, according to government numbers seen by Reuters on Saturday.

Germany has frozen around 5.25 billion euros ($5.57 billion)in assets belonging to sanctioned oligarchs since Russia's invasion of Ukraine, according to the German finance ministry. The figure was 4.28 billion euros six months ago. The ministry shared this information in reply to a request from member of the German parliament Christian Goerke.

"Since December, only 200 million euros in oligarch assets have been frozen, and for half a year, just one billion. Not a single oligarch has reported his assets since December," Mr. Goerke criticised.

Under Germany's sanctions law, targets of European Union sanctions must declare their assets immediately, under penalty of a fine or up to a year in prison.

Eight oligarchs have reported 31 asset positions to the Bundesbank so far, according to government figures. The value equals about 577 million euros. It is distributed among account balances, company holdings and securities.