Insufficient Oversight and Ownership Data Threatens EU Sanctions Against Russia, Witnesses Say

By Gabriel Vedrenne

The EU is struggling to implement unprecedented financial and commercial restrictions against Russia because of inadequate oversight, uneven enforcement and longstanding gaps in the bloc's defenses against illicit finance, senior officials told the European Parliament. Since Russia launched the latest, most violent phase of its invasion of Ukraine on Feb. 24, the EU has adopted four waves of sanctions targeting 877 individuals, including scores of Russian oligarchs and government officials, as well as 62 entities in the Russian and Belarusian financial sectors, Russian aerospace defense and other key industries. But Ilze Znotina, the head of Latvia's financial intelligence unit, told...