EU allows unfreezing assets of some sanctioned persons from Russia

The EU has allowed member states of the community to unfreeze previously frozen assets of certain Russian individuals and legal entities, within the eighth package of sanctions, Report informs referring to the Official Journal of the EU.

The competent authorities of the Member States may decide to release certain assets or economic resources from the blocking that belong to the sanctioned entity 101 (National Settlement Depository) on such grounds as this authority deems necessary, and also having satisfied that these funds are necessary for termination by January 7, 2023 of operating activities, contracts and other agreements concluded before June 3, 2023 and in any way related to this person, reads the community document.

In addition, it is allowed to withdraw assets related to PJSC KAMAZ from sanctions. The justification for making such a decision is the need to wind down, by December 31, 2022, joint ventures or similar forms of business organization that were established before March 16, 2022.

States will need to inform other EU members and the European Commission about the release of these assets within two weeks after such a decision is made.