The Spasskaya tower of the Kremlin in Moscow, Russia, is seen in this February 22 2022 file photo. Picture: BLOOMBERG/ANDREY RUDAKOV
The Netherlands has been asking for an EU-wide ban and has started preparing emergency legislation, Kaag said. In a proposal presented to EU finance ministers on Tuesday, Dutch officials said they aim to prohibit the flow of money from Russian entities with revenue of €100,000 or more that use trust services for shell companies, according to an informed source.
Much Russia-related activities in the Dutch financial sector come from trust offices. Since the start of the latest sanctions against Russia, trust offices made up 92% of all notifications the Dutch central bank received from financial institutions on their links with sanctioned Russian nationals and companies. The government did not freeze any of these assets.