Business

4 May, 07:45 PM

EU plans to block Russians from buying European real estate – Bloomberg

The European Union added a ban on property transactions with Russian nationals to its sixth package of sanctions, which is designed to raise pressure on Russian dictator Vladimir Putin, the Bloomberg news agency reported on May 4.

The European Commission's proposal would halt property deals with Russian citizens, residents and entities – prohibiting the sale or transfer, directly or indirectly, of "ownership rights in immovable property located within the territory of the Union, or units in collective investment undertakings providing exposure to such immovable property."

The EU is expected to outline its sixth package of sanctions this week.

The prohibition applies to Russians who are not EU citizens and lack a residency permit in EU member states. It doesn't apply to those who carry citizenship or residency in the European Economic Area or Switzerland.

Earlier today, President of the European Commission Ursula von der Leyen announced that the European Union plans to impose a ban on Russian oil and remove Russia's largest bank Sberbank from the SWIFT global financial payment system. The measures are envisaged under the sixth package of sanctions imposed against Russia for its unprovoked war against Ukraine.

Earlier, U.S. newspaper the Wall Street Journal reported that the centerpiece of the package is a proposal that the bloc's member states stop importing Russian crude oil within six months, and end the purchase of Russian refined oil products by the end of the year.

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