Germany plans to confiscate hundreds of millions of euros from russian bank

The Higher Regional Court in Frankfurt am Main has initiated proceedings to confiscate €720 million from the account of a russian bank that fell under European sanctions in 2022. As reported on Thursday, 16 October, by the dpa news agency and Die Zeit newspaper, citing court documents, the case was initiated by the German Federal Prosecutor's Office. The name of the bank has not been disclosed. The date of the hearing has not yet been set.

According to the court, the confiscation procedure was prompted by a violation of the ban on the disposal of funds frozen in connection with russia's aggressive war against Ukraine: the bank attempted to withdraw the funds, but the transaction was rejected. In this regard, a case was opened on suspicion of violating the ban on the disposal of frozen funds.

Source: DW