Europe

France freezes €850m of Russian assets

Published

3 years ago

March 21, 2022

Ummul Idris

France has frozen and seized assets of Russian oligarchs to the tune of around 850 million euros (938 million dollars).

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

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.

Related Topics:

Up Next

EU to shake off dependence on Russian energy amid Ukraine conflict

Don't Miss

Sanctions on Abramovich: Things fall apart for Chelsea FC?

Ummul Idris

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.