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Further to our earlier post, it is being reported that the confiscation proceedings are now ongoing in the Frankfurt Higher Regional Court seeking to confiscate €720 million as the proceeds of crime from a sanctioned Russian bank.
According to reports the Russian bank sought to transfer these funds out of Germany in the immediate wake of being designated by the EU in June 2022, but the banks asked to process the payments refused to proceed.
As funds transferred in breach of the asset freeze imposed on the bank, these funds have been characterized by the prosecution as the proceeds of crime and so subject to confiscation under applicable anti-money laundering laws.
The case is being heard before a five judge bench.
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