×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Spain Freezes Bank Accounts of Hundreds of Russians – Report

A man leaves a closed Banco Madrid branch in Madrid.

Spanish authorities have frozen the bank accounts of more than a hundred Russians living in the country after they failed to explain the source of their money, German news service Deutsche Welle reported Monday, citing Spanish legal experts.  

The freezes were carried out under a law obliging foreigners to disclose information about their financial assets that came into force in 2010, Valencia lawyer Gregorio Fuentes told Deutsche Welle, according to Russian news website Lenta.ru.

Since last year, Spanish authorities have used the law to require foreigners to submit a declaration of assets and real estate held outside Spain that is worth a total of more than 50,000 euros ($54,000), the report said. The Spanish authorities can freeze the accounts of those who fail to submit documents within two to three months of a request and levy a fine of between 5,000 and 10,000 euros ($5,400 to $10,800) for noncompliance, according to the report.

The report said some Russians were scared to request documents from the Russian authorities testifying to the legitimacy of their money.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more