No funds or economic resources of President Yanukovych frozen by EU Sanctions
September 7, 2017
The European Commission and the EU Member States have not identified any funds or economic resources belonging to President Yanukovych frozen by EU Sanctions.
Under Article 8 of Council Regulation (EU) No 208/2014, which imposed the European Union’s sanctions on President Yanukovych, EU Member States and others were required to inform the European Commission immediately of all and any information that they had regarding funds and economic resources owned or controlled by President Yanukovych which were frozen in accordance with the Regulation.
Despite the passage of three and a half years since the sanctions were imposed, and the reporting requirement just referred to, the European Commission has now formally confirmed that it has not received under that Article any information on funds or economic resources owned or controlled by President Yanukovych which were frozen as a result of the EU Sanctions.
President Yanukovych has always contended that he has no bank accounts or other assets in any country other than Ukraine.
As reported in our press release of 3 March 2017, the Swiss authorities confirmed on 1 March 2017 that there are no frozen bank accounts or other assets in Switzerland held in the name of President Yanukovych.
Enquiries to: Joseph Hage Aaronson LLP, Tel.: +44 (0)20 7851 8888