Sanctions coordinator Stef Blok published his final report on Friday on compliance with the sanctions against Russia. He concludes that less went wrong in the implementation of the punitive measures than had previously been feared. He does, however, make eighteen recommendations for improving policy. The government has already announced that it will adopt these recommendations.
In his final report, Blok writes “that with the asset freeze – based on the current information – there is no indication that anything has been missed”. He was appointed because the House of Representatives was dissatisfied with the implementation of the sanctions by the cabinet.
He also concludes, among other things, that slightly more than 425 million euros in financial transactions have been blocked in the context of the sanctions against Russia. He also states that the real estate ownership of Russians in our country is “negligible”.
According to him, there are no large amounts of money in the Netherlands. “We have frozen what could be frozen.” That frozen amount has not grown much anymore and is more than 600 million euros, he said.
Russians mainly have holdings in the Netherlands. This involves a head office with perhaps a bank account and an office. “It is highly questionable whether there are real activities,” Blok said.
The assets are held by operating companies in other countries where the holding company is active. On paper, the headquarters may have a lot of money, but the money from sales, real estate and other things is in other countries. Nothing can be frozen. The holding companies store money in tax havens like Jersey.
Improvement needed in supervision and enforcement
According to Blok, some improvements need to be made when it comes to supervision and enforcement of sanctions. He argues for a permanent sanctions coordinator at the Ministry of Foreign Affairs.
In addition, the notification obligation of notaries, the legal profession and accountancy must be strengthened. It should also be easier to exchange data.
Blok will now stop as sanctions coordinator. He leaves for the European Court of Auditors.