According to a report, the european union is to create a freeze and seize task force to identify and seize the assets of people sanctioned in connection with Russia’s invasion of Ukraine. Reportedly, the eu’s 27 justice ministers agreed on Friday to appoint a cross border team to coordinate the efforts of national authorities to go after the assets of oligarchs, Russian businessmen who made good during the era of privatisation following the fall of the Berlin wall. According to the report, the internal market commissioner said, member states will choose a representative to serve as an eu contact point in the effort to hunt down assets. Reportedly, the first meeting of those appointed is to take place next week.
According to a report, states may be classified as sovereign if they are not dependant on or subject to any other power, external sovereignty or hegemony. Reportedly, a federal state differs from a sovereign state in that it has transferred a portion of its sovereign powers to a federal government.
According to the report, the seize and freeze task force follows an announcement by the u.s. of the establishment of a federal interagency, KleptoCapture task force. Reportedly, justice authorities would take a leading role to investigate assets, said a french justice minister. According to the report, 680 individuals are targeted for travel bans and asset freezes. Reportedly, it has forced a reckoning with the prevalence of financial secrecy structures in europe, as finding the assets to freeze is expected to involve detective work to link the individuals with their assets held through shell companies or corporations without active business operations.