Russians may be banned from buying European real estate

The sixth package of EU sanctions against Russia, which was announced on Wednesday, included a ban on real estate transactions.

It is reported by Bloomberg with reference to the text, which the editors have read.

The proposal of the European Commission will suspend the conclusion of real estate transactions with citizens, residents and legal entities of Russia. The sanctions will prohibit the sale or transfer, directly or indirectly, of “ownership rights in immovable property located in the territory of the European Union, or shares in enterprises providing access to immovable property.”

The ban applies to Russians who are not EU citizens and do not have permission to reside in EU member states. This does not apply to those who have citizenship or residence in the European Economic Area or Switzerland.