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Almost 31,000 companies in Europe had Russian owners in the first months of 2022, DPA said, citing a recent report by the European Commission.

These companies are mainly active in the real estate, construction, hotel, financial and energy sectors, the study read.

The report assesses the overall risks of money laundering and terrorist financing in the EU with a section dedicated to the consequences of Russia's invasion of Ukraine.

At least 1,400 out of the 31,000 companies are owned by 33 individuals who have recently been targeted by asset freezes under EU sanctions over Russia's war against Ukraine, according to the report.

The document points out that some oligarchs may conceal their ownership or control of companies through intermediary companies registered in countries outside the EU or local nominee shareholders.

Proper implementation of asset freezes would require the effective enforcement of beneficial ownership transparency rules, the report read.