European Union freezes $13.8bn worth of Russian assets

The European Union has frozen $13.8 billion worth of Russian assets since Russia invaded Ukraine on February 24, EU Justice Commissioner Didier Reynders said on Tuesday.

"Right now we've frozen 13.8 billion euros ($13.8 billion) from oligarchs and other entities, so that's quite a lot," Reynders told reporters in Prague.

"But I have to say that a very large part of that, more than 12 billion... come from five member states," he added ahead of an informal meeting of EU justice ministers hosted by the Czech Republic, which holds the rotating EU presidency.

He declined to name the five countries, but added he expected the other members of the 27-strong bloc to step up their efforts soon.

Federal Finance Minister Christian Lindner put the value of the assets frozen by Germany alone at 4.48 billion euros in mid-June.

Ukrainian Justice Minister Denys Maliuska said in Prague that the assets should be used to cover war damage.

"Currently they are protected by state immunity, but we understand that assets of a state (that) has started a war and committed aggression should not be protected by sovereign immunity," he said.

"We are suffering from economic losses and it makes no sense to cover all these losses with Ukrainian or European taxpayers' money," Maliuska added.

In late June, an international sanctions task force said its members, including several EU countries, had blocked $30 billion in assets owned by Russian oligarchs and officials.

The Task Force of Russian Elites, Proxies and Oligarchs said its members - which also include Britain, Canada, Japan, the US and other allies - have immobilized $300 billion held by Russia's central bank.

The EU has so far passed six packages of sanctions against Russia, including a ban on most Russian oil imports approved in early June.

A total of 98 companies and 1,158 individuals, including Russian President Vladimir Putin and Foreign Minister Sergei Lavrov, found their property frozen and barred from entering the EU.

Source