The European Commission intends to simplify the confiscation of Russian assets whose owners are under sanctions. This process is designed to accelerate the implementation of European sanctions against Russia.

This is reported by Welt.

It is reported that Brussels is trying to step up work against Russian and Belarusian oligarchs and politicians who are involved in the war in Ukraine.

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

According to the European politician, as of today the assets of sub-sanctioned persons in the European Union are estimated at 139 billion euros, of which only one percent has been confiscated. Asset recovery offices in all 27 EU member states should be given expanded powers to identify them.

The European Commission's new plans could also help strengthen sanctions against oligarchs and politicians.

"We see a very concrete example of how important freezing and confiscation are in relation to EU sanctions against Russians and Belarusians who are at war against Ukraine," Schinas added.