EU can freeze Russian assets held by trusts, court rules
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10 Articles
EU can freeze Russian assets held by trusts, court rules
The European Union can freeze assets linked to Russians sanctioned over the war in Ukraine, even if those assets are held by a trust and there is no direct legal link to the persons involved, the EU's Court of Justice ruled on Thursday.
Assets can now be regarded as belonging to the founder or beneficiary of the trust if those persons have the power to dispose of or influence the assets and the decisions taken by the trustee in respect of those assets.
The Court of Justice of the European Union (CJEU) has determined on Thursday that the freezing of assets and companies linked to persons sanctioned by the Russian invasion of Ukraine is compatible with Community law, even where such assets are hidden under financial networks or trusts, also known in English as 'trusts'.
The Court of Justice of the European Union confirmed the compliance with the EU law of freezing the assets of sanctioned Russians in a situation where they are not directly, but indirectly related to the sanctioning person.
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