EU executive branch wants to ban Russian citizens, residents and legal entities from buying real estate within 27 member states of the political and economic union.
The European Commission unveiled a new proposed regulation that would effectively prohibit any property deals with buyers from the Russian Federation.
New regulation is a part of the European Union’s sixth package of sanctions imposed on Russia after its violent invasion of Ukraine.
The proposed regulation would reportedly prohibit the sale or transfer, directly or indirectly, 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 real estate ban applies to all Russians who are not citizens of the European Union and do not have permanent residency permits in EU member states.
The ban would not apply to those Russians who carry citizenship or legal residency in the European Economic Area or Switzerland.
Since the start of Russian aggression in Ukraine in late February, thousands of Russian citizens and residents in the European Union, United States and some other countries have since been sanctioned, with their property and assets seized or frozen.