None of the Russians targeted by European Union sanctions declared their assets to German authorities as required by law in Europe’s most powerful economy, the executive in Berlin announced, prompting calls for a stronger transparency regime.

Some 4.28 billion euros in assets belonging to oligarchs under EU sanctions have been frozen in Germany since the start of Russia’s invasion of Ukraine, including 2.3 billion euros in bank deposits in Germany, according to the ministry responsible for Europe’s most powerful economy.

According to German law, individuals subject to EU sanctions must immediately declare their assets or face a fine or up to a year in prison.

No oligarch has declared his assets

But in a letter to Christian Goerke, a deputy from the German Left Party, the ministry said that no one had done so so far.

“No declaration has been received by the Bundesbank or the Federal Office for Economic Affairs and Export Control,” State Secretary Udo Philipp wrote in a letter seen by Reuters.

Goerke said the failure of the transparency regime shows that the rules need to be tightened.

“Transparency obligations should be extended to people who do business with the oligarchs, such as notaries, brokers, used car dealers, art dealers and banks,” Gehrke said.

“It is not enough to include the names of oligarchs in the sanctions lists. Putin’s oligarchs are laughing out loud, and the authorities are in despair that they will never be able to track down and freeze their assets,” Gerke added.

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