Berlin's Bold Move: Over €4 Billion in Russian Assets Frozen

Written by Jeppe W

Dec.29 - 2023 7:37 AM CET

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Photo: Shutterstock.com
Photo: Shutterstock.com

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The German government has announced the freezing of Russian assets worth over four billion euros, a significant move amidst the ongoing Russian war of aggression against Ukraine, as reported by European Pravda.

This development, confirmed by Nodjinan Niminde-Dundadengar, a spokesperson for the German Ministry of Finance, marks a substantial step in the international response to the conflict.

Details of the Asset Freeze

As of early December, Germany has sanctioned assets totaling approximately €4.1 billion. This includes frozen funds, economic resources of certain individuals, and money from the Russian central bank. This action is part of a broader effort by Western nations to exert financial pressure on Russia in response to its military actions in Ukraine.

G7's Unified Approach

Christian Wagner, a spokesperson for the German Foreign Ministry, highlighted the decision by the G7 countries to freeze Russian state assets. The move is consistent with the legal systems of the member states and is accompanied by the launch of a register documenting damages caused during the aggression. This initiative is seen as a crucial step in holding Russia accountable for its actions in Ukraine.

International Efforts and US Involvement

Reports indicate that the United States has urged the G7 working groups to explore ways of confiscating around $300 billion of frozen Russian assets. This push aims to solidify a plan ahead of the second anniversary of Russia's full-scale invasion of Ukraine. The Biden administration has been actively working to seize approximately $300 billion of Russian sovereign assets held in Western countries.

European Commission's Proposal

On December 12, the European Commission approved a proposal for legislation that would enable the use of proceeds from these frozen Russian assets for the reconstruction of Ukraine. The European Council took note of this proposal on December 14, signaling a collective effort to repurpose the funds for rebuilding war-torn areas in Ukraine.

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