EU seeks to ease rules on seizing sanctioned oligarchs' assets

FILE PHOTO: Plastic letters arranged to read "Sanctions" are placed in front the flag colors of EU and Russia in this illustration taken February 28, 2022. REUTERS/Dado Ruvic/Illustration

BRUSSELS (Reuters) - The European Commission is preparing new rules that would make it easier for EU governments to confiscate assets of oligarchs and other wealthy individuals hit by sanctions because of their ties with the Kremlin, according to officials and documents.

The legislative proposal, which is set to be unveiled on May 25 according to the European Commission's provisional agenda, would create a common legal framework to punish people who evade or violate EU sanctions.