EU freezes $17.5 billion worth of Russian assets

28 October 2022, 12:52 AM
The European Union has frozen Russian assets (Photo:NBU/Flickr)

The European Union has frozen Russian assets (Photo:NBU/Flickr)

According to European Commission spokesman Christian Wigand, the EU has frozen $17.5 billion in Russian assets, since the beginning of Russia’s full-scale invasion of Ukraine, Austrian news outlet ORF reported on Oct. 27.

Around $10.8 billion in assets were frozen in the last six months, said Wigand. In total, 1,350 individuals and organizations were affected by EU sanctions against Russia, including assets such as bank accounts, real estate, and luxury yachts.

Germany, Belgium, France, Luxembourg, Ireland, Italy, and Austria are leading the way in terms of freezing Russian assets, as these countries have the highest concentrations of Russian wealth abroad.

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When asked about Hungary’s apparent reluctance to implement EU sanctions, Wigand said that “some countries still have homework to do.”

On Oct. 21, the European Council urged the European Commission to develop a program to direct frozen Russian assets towards financing Ukraine’s post-war recovery.

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