Ukraine: France Freezes €850m Worth Of Russian Assets

• France established a taskforce to implement EU sanctions against Russian oligarchs or those close to President Vladimir Putin

• The French crackdown means the owners are unable to, sell on or monetise their assets

EKO HOT BLOG reports that the French government has frozen and seized assets of Russian oligarchs to the tune of around 850 million euros (938 million dollars).

According to French Economy Minister, Le Maire Bruno, Property worth 539 million euros had been blocked.

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He said another 150 million euros from private accounts at French banks have been frozen and two yachts worth 150 million euros have been seized.

France established a taskforce to implement EU sanctions against Russian oligarchs or those close to President Vladimir Putin.

It is tasked with finding their assets in France and identifying the owners of bank accounts, luxury villas and yachts, which is a complicated endeavour due to the many shell companies used to hide identities.

“We have immobilised… 150 million euros in individual’s accounts, credit lines in France and in French establishments, ” Le Maire told French television as Paris hits Moscow over its invasion of Ukraine.

Furthermore, “we have immobilised 539 million euros in real estate on French territory, corresponding to some 390 properties or apartments and we have sequestered two yachts (with a value of) 150 million euros,” said Le Maire.

“In total that is (almost) €850 million in assets belonging to Russian oligarchs which have been immobilised on French soil,” he added.

The French crackdown means the owners are unable to, sell on or monetise their assets.

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