The German Prosecutor General’s Office plans to seize and send to the budget Russian assets worth more than €720 million. The funds were frozen in the account of a subsidiary bank of JP Morgan, and they were placed there by a subsidiary of MosBirch. The German authorities decided to start the process of confiscation because of the fact that the funds allegedly tried to withdraw to Russia.
The Office of the Prosecutor General of Germany intends to seize some of the assets belonging to Russia and transfer them to the German budget. The office has already sent an application to the High Land Court of Frankfurt am Main to initiate independent proceedings for confiscation of frozen funds worth more than €720 million, the press service of the prosecutor’s office said.
The funds are currently held in the account of a “Russian financial institution” at a bank in Frankfurt am Main. Against this institution in June 2022, the EU imposed sanctions, prohibiting the sale of all its assets in European banks, specified in the department.
An attempt to withdraw money
As Der Spiegel magazine wrote, this institution is a “subsidiary” of the Moscow Exchange – National Settlement Depository. And the bank in which NSD placed the funds is a subsidiary of JP Morgan.
