EU freezes $21.5bn of assets belonging to Russian sanctioned entities
17 February 2023
European Commissioner for Justice, Didier Reynders, announced at a joint press conference with Ukraine's Prosecutor General, Andriy Kostin, that the EU has frozen the assets of sanctioned individuals and legal entities in Russia, amounting to $21.5 billion. Reynders also stated that the EU is exploring options to transfer these frozen funds to Ukraine.
In an effort to support the reconstruction of Ukraine, the EU has established a working group dedicated to confiscating the frozen Russian assets. Since the outbreak of hostilities in Ukraine, foreign assets of the Central Bank worth $300 billion have been frozen.
The move comes amidst escalating tensions between the EU and Russia, and the ongoing conflict in Ukraine. The EU has imposed a number of sanctions on Russia in response to the country's annexation of Crimea and alleged involvement in the conflict in eastern Ukraine.
The freezing of assets is a powerful tool used by the EU to put pressure on those subject to sanctions, and the decision to explore ways to transfer the frozen funds to Ukraine demonstrates the EU's commitment to supporting the country during this challenging time.
In an effort to support the reconstruction of Ukraine, the EU has established a working group dedicated to confiscating the frozen Russian assets. Since the outbreak of hostilities in Ukraine, foreign assets of the Central Bank worth $300 billion have been frozen.
The move comes amidst escalating tensions between the EU and Russia, and the ongoing conflict in Ukraine. The EU has imposed a number of sanctions on Russia in response to the country's annexation of Crimea and alleged involvement in the conflict in eastern Ukraine.
The freezing of assets is a powerful tool used by the EU to put pressure on those subject to sanctions, and the decision to explore ways to transfer the frozen funds to Ukraine demonstrates the EU's commitment to supporting the country during this challenging time.
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