Oireachtas Joint and Select Committees

Wednesday, 1 June 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Use of Section 110 by Russian Firms: Dr. Jim Stewart

Dr. Jim Stewart:

As far as I am aware, assets that are frozen cannot be confiscated. Confiscating assets is very different from freezing them. Regarding an asset that is frozen, you might put pressure on to sell it as is the case with a football club such as Chelsea but it is a very different legal process. The Commission has proposed that breaking sanctions becomes a criminal activity. Assets that come from criminal activities can be confiscated. A breach of the criminal law means that the assets can be confiscated.

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