EU To Block Russians From Buying Real Estate in Europe

EU To Block Russians From , Buying Real Estate in Europe.

EU To Block Russians From , Buying Real Estate in Europe.

'Bloomberg' reports that in its sixth package of sanctions amid Vladimir Putin's invasion of Ukraine, .

'Bloomberg' reports that in its sixth package of sanctions amid Vladimir Putin's invasion of Ukraine, .

The European Union has included a ban on property transactions with Russians.

The proposal put forth by the European Commission would stop property deals with Russian nationals, residents or entities.

'Bloomberg' reports it would halt the sale or transfer of , “ownership rights in immovable property located within the territory of the Union or units in collective investment undertakings providing exposure to such immovable property.”.

The measure doesn't apply to Russians who are citizens of or reside in the European Economic Area or Switzerland.

The measure doesn't apply to Russians who are citizens of or reside in the European Economic Area or Switzerland.

It only applies to those who aren't EU citizens and don't have a permanent residency in EU member states.

But the plan, which may be subject to change, must first be endorsed by EU member states this week before going into effect.

'Bloomberg' reports that numerous Russian billionaires bought property in the EU following the collapse of the Soviet Union.

Over a dozen superyachts belonging to Russia's richest have been seized in European ports since the beginning of the war in Ukraine.

Over a dozen superyachts belonging to Russia's richest have been seized in European ports since the beginning of the war in Ukraine.

One of the most notable vessels that has been detained, Dilbar, belongs to Alisher Usmanov.

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One of the most notable vessels that has been detained, Dilbar, belongs to Alisher Usmanov.

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Usmanov has been sanctioned by the EU, U.K. and U.S