Germany to seize €720m in frozen assets from Russian bank

The Frankfurt Higher Regional Court intends to confiscate around €720 million ($839 million) from the frozen assets of a Russian financial institution, the judiciary in the central state of Hesse said on Wednesday.

Special proceedings have been opened at the request of the Federal Public Prosecutor’s Office, the authority said.

The bank in Frankfurt was added to a EU embargo list against Russia, following its full-scale invasion of Ukraine in February 2022, in June 2022, according to a statement.

As a result, all of the company’s assets at European financial and credit institutions were frozen in response to the attack on Ukraine. 

Shortly after the listing, unknown people at the bank are said to have attempted to withdraw the funds. However, a corresponding electronic transfer order was not executed. 

Under the proceedings, the money is to be confiscated in favour of the state treasury.

A date for the necessary main hearing has not yet been set.

Source: dpa

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