Real estate, yachts, accounts… France has locked up almost 24 billion euros in Russian assets

We knew how much Russian and Belarusian assets were blocked by the European Union (up to 30 billion euros). It is the turn of the French Ministry of Economy to communicate about 23.7 billion euros in Russian assets blocked in France.

First, this updated list includes 22.8 billion euros frozen in the French accounts of the Central Bank of Russia, confirming an article in the newspaper. the Parisian† In addition, 178 million euros in various bank balances, the ministry reports.

Then the property for a purchase value of 573.6 million, after the war in Ukraine, we learned on Tuesday from the French Ministry of Economy and Finance. The French authorities have seized 33 properties, including 19 SCI (Société Civile Immobilière). A dozen more properties are soon to be added to the list, for a total valuation that will flirt with 24 billion euros.

Symbolic Catches

France has also immobilized four cargo ships, four yachts, including last Tuesday in Marseille, worth more than €125.2 million; six helicopters worth more than EUR 60 million; and 7 million euros worth of works of art.

The immobilization of goods means that their owners cannot “don’t use them anymore, sell them or make money from them”French Finance Minister Bruno Le Maire said on Sunday.

Each country publishes the figures of its financial and material response. Netherlands announced 20 . have immobilized yachts in shipyards on its territory. Dutch customs had already communicated on Wednesday about the immobilization of 14 yachtsMost of these luxury ships are under construction, two in storage and four in maintenance.

In Spain, at the request of the United States, the yacht belonging to an oligarch near Vladimir Putin, the target of US sanctions, was seized in the Balearic archipelago on Monday, Spanish and US authorities announced Monday.

In France, Russian billionaire Roman Abramovich, owner of London club Chelsea, is high on the list of targeted oligarchs, with a dozen properties, including the Château de Croë, in Antibes, or the Villa Gouverneur, in Saint-Barthélemy, it reports. Ile-de-France daily.

What impact?

On March 20, French Economy Minister Bruno Le Maire had immobilized the first amount of Russian assets, in particular 850 million euros in assets from Russian oligarchs and two yachts, as well as 22 billion euros from the Russian Central Bank.

Since the start of the Russian offensive in Ukraine in late February, Western countries have passed several series of economic sanctions.

In reality, while the EU has only banned coal purchases for the time being, its member states continue to buy Russian oil and gas on a large scale. According to the CREA site, which has been monitoring these hydrocarbon purchases daily since February 24, EUR 30.4 billion has been paid to Russia (including EUR 19 billion for gas alone).

In addition, other countries are not joining these sanctions. In Turkey, for example, Russian oligarchs can continue to come and do business as long as they respect Turkish law and international law, the Turkish government said in late March.

From then on, Europe tried to build a new set of sanctions; the sixth since the conflict began on February 24 and to be announced this week. But we already know that cessation of oil and gas purchases to stop financing Russia’s war effort divides 27.

At the same time, the EU has strengthened its blacklist of Russian personalities directly targeted by the sanctions and has indicated that the names of more than 217 oligarchs close to the Russian president and pro-Kremlin press bosses are on it.

(with AFP)

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