Adedokun Waliyu 
Prosecutors in Germany said on Wednesday they would move to confiscate more than 720 million euros ($790 million) from the Frankfurt bank account of a Russian financial institution, marking the country’s first such attempt.
German authorities have previously moved to freeze Russian assets in response to Moscow’s full-scale invasion of Ukraine in 2022, but have stopped short of attempts to confiscate money.
A source familiar with the matter told Reuters that the institution was the National Settlement Depository (NSD), the domestic payments agent owned by Moscow Exchange (MOEX.MM) which plays an important role in Russia’s financial system as a key intermediary with international markets.
Neither the NSD or the Moscow Exchange immediately responded to Reuters requests for comment by email and telephone. The Russian embassy in Berlin was not immediately available for comment.
A filing on the European Union’s Official Journal in September showed the NSD had demanded that the bloc recognised sanctions imposed on it as illegal and pay for any legal costs.
German prosecutors said in a statement on Wednesday, which did not name the NSD, that the move was prompted by a suspected attempt to breach EU sanctions on June 3, 2022.
Unidentified officials from the institution sought to withdraw 720 million euros from its Frankfurt bank account, a transaction that was rejected, the statement said.
Prosecutors said they had therefore filed a motion before a court in Frankfurt on July 7 this year requesting “independent confiscation proceedings”.
“We will not allow Russian money, with which the illegal attack on Ukraine is being financed, to remain unchecked in German accounts,” German Justice Minister Marco Buschmann wrote on social media platform X.
German authorities did not say how they planned to use the money or whether it would be used to help Ukraine fund its reconstruction.
