EU Council obliges all those under sanctions to notify EC about assets in Europe

The European Union Council has obliged organizations that are included in the anti-Russian sanctions lists to notify regulators about their assets in European countries, as well as to cooperate with local authorities in working to block them, Report informs, citing EU's official magazine.

Failure to comply with these requirements will be considered as circumvention of sanctions, the document says.

Individuals and legal entities must notify European regulators no later than six weeks after being included in the sanctions list.

According to previous reports, the EU froze $21.5 billion in the assets of Russia's sanctioned individuals and legal entities.