European economic sanctions on russian assets – Russia’s war in Urkaine

Jul 4 2022 by

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During the Presidium of the UFE held in Brussels from June 29 to July 1, 2022, the application of the economic sanctions implemented by the European Union was examined.

The members of the Presidium welcome the responsiveness of the European institutions in the face of this attack on the territorial integrity of Ukraine.

Customs and tax services found themselves on the front line to enforce these measures, freezing or seizing means of transport (cargoes, yachts, trains, etc.) or real estate.
Funds were also frozen, thanks to the action of specialized services to fight against financial fraud.

This situation has made decision-makers aware of the importance of having customs and tax services in a position to act quickly and effectively in these economic police actions.

However, the UFE also notes that the application of the sanctions was not sufficiently coordinated, for lack of a robust organization and an expressly designated “lead” body.

The UFE has decided to call on the President of the European Commission so that a feedback on these actions be carried out, and that OLAF be designated as the leader in this context.

It also requires a consolidation of budgetary means, a harmonization of practices, techniques as well as the adaptation of the European legal arsenal to ensure the effectiveness of these measures throughout Europe.


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