Malta is part of the EU’s efforts to ‘freeze and seize’ Russian assets
Malta is part of an EU-wide effort to “freeze and seize” the assets of Russian individuals and entities subject to sanctions, Prime Minister Robert Abela said on Tuesday.
Addressing an urgent meeting of the MCESD, an advisory group on economic and social affairs, Abela said that some Maltese registered companies could be affected by the sanctions, but the amount so far appears to be small.
Abela said that efforts are underway with another EU country to seize two assets of a Maltese company with ties to Russia.
The Prime Minister said he could not give further details as the operation is still ongoing.
He said that no individuals who are residents or citizens of Malta have been subject to sanctions.
Abela also announced that a branch of the Russian maritime register based in Malta will have to be closed.
Abela acknowledged that restrictions on payments coming out of Russia are also causing problems in the bunkering sector.
The Prime Minister said that complicated sanctions are making due diligence more expensive. He said that operators in the financial sector, including banks, are already ending relations with Russian entities.
While these terminations have not been imposed, Abela said they are “understandable”.
The Prime Minister said that Russia’s unprovoked invasion of Ukraine is expected to have indirect impacts on Malta, in the form of higher interconnector prices, transport disruptions and higher grain prices.
Abela said discussions are underway with wheat importers to secure a supply of wheat for six months.
He said more details about these discussions would be announced.
The Prime Minister said that Malta has so far received 31 asylum applications from Ukrainians, and the country is already providing oncology care for Ukrainian patients.
There are about 1,100 Ukrainian residents in Malta, said Abela.
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