Dutch Banks Fail To Freeze Russian Assets Due To Typos

A study conducted by the De Nederlandsche Bank (DNB), the Dutch Central Bank, has revealed that Dutch banks fail to freeze Russian assets due to typos.

A third of Dutch financial institutions are unable to trace and freeze blacklisted Russian assets due to translation errors in account owners’ surnames, undermining EU sanctions.

In a startling revelation from a study conducted by the De Nederlandsche Bank (DNB) – the Dutch Central Bank, it has emerged that approximately one-third of Dutch financial institutions are struggling to identify and freeze blacklisted Russian assets.

18 months into Russia’s special military operations in Ukraine, the European Union imposed financial and economic sanctions on Russia, primarily freezing the assets of targeted Russians and companies. As part of the EU, the Netherlands has imposed sanctions on 1,473 individuals and 207 entities, amounting to the freezing of €644.5 million in financial assets and blocking €863.4 million worth of transactions as of April 2, 2023.

Furthermore, the EU blocked over €200 billion of the Russian Central Bank’s assets. Despite this, the NOS reported that the Dutch apex bank had investigated 31 institutions who couldn’t trace bank accounts and assets of the alleged Russian entities targeted.

As de-dollarization accelerates, the central banks of Asian countries that are part of the Asian Clearing Union will adopt Iran’s SWIFT alternative, SEPAM.

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