By Alexander Miller, consultant in international politics, for Eurasia Business News – July 12, 2022
According to European Commissioner Didier Reynders, the amount of assets of Russian businessmen frozen after the start of the military operation in Ukraine in the European Union now amounts to € 13.8 billion.
“At the moment, we have frozen the assets of Russian oligarchs and various organizations for € 13.8 billion, which is a large amount, but I must note that a significant part of it – € 12 billion – falls on only five states. We need to continue to persuade others to follow suit. We sent letters for more information,” stated Mr. Reynders during a meeting of EU justice ministers in Prague.
In early July, Bloomberg, citing sources, reported that EU countries froze Russian assets for $ 14.6 billion, then the agency clarified that the EU was working to improve the mechanism for finding sanctioned assets and compensating for the costs of maintaining frozen property.
The EU currently has 98 entities and nearly 1,160 individuals blacklisted for Russia’s policy in Ukraine.
Last March, Switzerland froze the equivalent of 5.75 billion Swiss francs (6.1 billion euros) of Russian assets, in a response against the Russian military operation in Ukraine, started on February 24.
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However, the extent to which these freezing measures targeting individuals are consistent with international and european law is disputed. Some targeted individuals may file claims before European courts to challenge these restrictive measures.
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