EU: According to reports, the tenth set of sanctions will target accounts held by the Central Bank of Russia as well as blacklisted organizations and people.

As part of the upcoming set of sanctions against Moscow related to the Ukraine, the European Union intends to direct its banks to provide information about Russian assets.

The news source claims that European banks will have to report on frozen funds linked to sanctioned Russian organizations and people as well as those belonging to the Central Bank of Russia. According to reports, banks that withhold information could be fined up to €50,000 ($53,500) for individuals and 10% of annual revenue for entities.

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Despite the EU currently lacking the legal authority to do so, the action is seen as the first step in efforts to seize the funds in question for the reconstruction of Ukraine.

Brussels has so far approved nine sanctions against Russia, each of which targets different economic sectors as well as businesspeople, politicians, and journalists. More Russian lenders will reportedly be subject to sanctions in the tenth round, with the EU's blacklist reportedly including Alfa Bank, Rosbank, and Tinkoff Bank.

Additionally, it will limit the ability of entities based in Russia to access gas storage capacity and forbid Russian citizens from holding positions on the boards of directors of crucial European corporations.

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Next week, Brussels intends to pass the tenth set of sanctions. It will require the support of every EU member state, just like earlier measures, in order to be implemented.

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