Support The Moscow Times!

Spain Freezes Bank Accounts of Hundreds of Russians ?€“ Report

A man leaves a closed Banco Madrid branch in Madrid. Andrea Comas / Reuters

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.


Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

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 every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

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

Read more