The EU freezes the assets of Russian oligarchs. EUR 14 billion were seized, mainly in five countries

Billions of Russian assets were frozen in Europe in the wake of the EU’s claims. As Justice Commissioner Didier Reynders informed on the sidelines of the meeting of justice ministers in Prague, the total value of the assets of the oligarchs and other responsible persons amounts to EUR 13.8 billion. “This is a huge amount,” said the Belgian.

At the same time, he criticized that not all EU countries are equally committed to implementing the six packages of sanctions against Russia. Most of this 13.8 billion was secured in five of the 27 Member States.

Oligarchs are losing their fortunes in the EU. Germany is the leader

According to the German government, Germany plays a leading role in this. In mid-June, the head of the finance ministry, Christian Lindner from the FDP, announced that Russian assets frozen in Germany amounted to EUR 4.48 billion.

Currently, 1,159 Russian officials and 98 companies and institutions are subject to EU sanctions. Among them is also the President of Russia, Vladimir Putin, and oligarchs such as Roman Abramovich. Among other things, he was forced to sell the leading football club FC Chelsea to a consortium centered around American businessman Teddy Boehly. The income from the transaction will be used to support the victims of the war in Ukraine.

In May, the European Commission highlighted the difficulties in identifying the oligarchs’ assets as they hide their properties with “complex legal and financial structures”.

Martin Schirdewan, co-chair of the Left Group in the European Parliament, pointed out that the freezing of Russian assets would expose the EU to high costs. The freezing of property means that the villas and yachts “will be kept as they are”. “And European taxpayers are currently paying for their maintenance,” added Schirdewan.

(AFP / jar)