The EU targets Russian oligarchs directly

The European Union has changed the rules that allowed Russian oligarchs to escape sanctions. From now on, for Russians to be removed from the sanctions list, they must provide convincing evidence of a genuine break with their business and ties in Russia.

The European Union has updated the criteria it uses to assess the possibility of removing Russian businessmen from the sanctions list. The new rules make the process of lifting restrictions more difficult and aim to prevent abuses, particularly through legal challenges.

Stricter controls have been prompted by attempts from some sanctioned individuals to contest the restrictions before the European Court of Justice, on the grounds that they were allegedly illegal.

The EU will no longer automatically accept as credible the statements of sanctioned individuals claiming to have ceased their business activities or sold assets after 24 February 2022, the date of the start of Russia's full-scale invasion of Ukraine.

To be removed from the sanctions list, a formal transfer of ownership is no longer sufficient. Individuals now need to provide 'sufficient, timely and reliable' evidence showing that they no longer meet the criteria for sanctions.

Furthermore, in the absence of convincing evidence, the sanctions may also be extended to third parties, natural or legal persons - involved in asset transfers.

(MH with AmBar - Source: Agency - Photo: © Unsplash)