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International Internet Magazine. Baltic States news & analytics Thursday, 20.06.2019, 10:28

Lithuanian government to draft bill on freezing of Russian oligarchs' assets

BC, Vilnius, 20.12.2018.Print version
The government said on Wednesday it will itself draft a bill providing a legal basis for freezing assets of Russian oligarchs and officials on Lithuania's "blacklist" and restricting their economic and financial activities in the country, reported LETA/BNS.

The Cabinet did not approve of similar amendments tabled by two opposition parties – the Homeland Union–Lithuanian Christian Democrats (HU-LCD) and the Liberal Movement. 

Foreign Minister Linas Linkevicius said he supported the objective of the opposition-drafted bill, but added that the government would be able to perform a more thorough analysis of how such a law conforms with international sanctions policy.  

"In other words, we do support the objective, but we can't approve the bill and, therefore, we propose not to discuss it," the minister said at the Cabinet's meeting.

"We propose that the government draft a new (...) bill and we would be prepared to do so," he added.

The new wording of the Law on the Implementation of Economic and Other International Sanctions would supplement the so-called Magnitsky Act that allows Lithuania to bar entry to foreigners linked to large scale corruption, money laundering or human rights violations. 

If the amendments were adopted, money kept in Lithuania-based banks and other financial assets would be frozen, and people and companies in Lithuania would be banned from doing business with blacklisted individuals.


The United States, Britain, Canada, Estonia and Latvia also have similar Magnitsky Acts.

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