Malta attempting to seize assets of Maltese company with Russian links, Abela says

Malta is actively taking part in an EU-wide effort to freeze and seize the asset of Russian individuals and entities subject to sanctions, Prime Minister Robert Abela said after a meeting with the MCESD.

Abela made the announcement while fielding questions from the press after the emergency meeting with social partners on the impact of the Ukraine war.

The Prime Minister said efforts are ongoing with another EU country to seize two assets of a Maltese company with Russian links but held back from giving details.

Abela added that no individuals who are residents or citizens of Malta have been subjected to sanctions as a result of the Russia's invasion of Ukraine. 

The Prime Minister said a branch of the Russian maritime registry based in Malta will be closed down.

Abela said the war in Ukraine and subsequent sanctions have caused problems for a handful of Maltese companies but this has been limited. He acknowledged that restrictions on payments emanating from Russia are also causing problems in the bunkering sector. 

The Prime Minister said the complicated sanctions are making due diligence processes more expensive and operators in the financial sector, including banks, were already terminating relationships with Russian entities.

He also spoke of indirect impacts on Malta, in the form of higher interconnector prices, logistical interruptions and higher grain prices. Abela said discussions are ongoing with wheat importers to secure a six-month supply of grain.

Russia and Ukraine are two major producers of grains and wheat.