Malta is part of an EU-wide effort to “freeze and seize” assets of Russian individuals and entities subject to sanctions, Prime Minister Robert Abela said on Tuesday. Addressing an urgent meeting of the MCESD, an advisory group on economic and social affairs, Abela said some Maltese registered companies might be impacted by the sanctions, but the amount so far appears to be small. Abela said efforts are ongoing with another EU country to seize two assets of a Maltese company with Russia links. The prime minister said he could not give further details as the operation is still under way. He said no individuals who are residents or citizens of Malta have been subjected to sanctions. Abela also announced that a branch of the Russian maritime registry based in Malta will have to be closed down. Abela acknowledged that restrictions on payments emanating from Russia are also causing problems in the bunkering sector. The prime minister said the complicated sanctions are making due diligence processes more expensive. He said operators in the financial sector, including banks, were already terminating relationships with Russian entities. Photo: DOI
While such terminations were...
