Luxembourg freezes about 4.3 billion euros after sanctions

Frozen assets

Banks and other financial institutions identify hundreds of sanctioned persons and other entities

Banks and other financial institutions identify hundreds of sanctioned persons and other entities

Luxembourg Treasury Minister Yuriko Bucks

Photo provider: Photo: Marc Wilwert / Luxemburger Wort

Banks and other financial institutions in Luxembourg have had about 43 sanctions and corporate assets since Russia invaded Ukraine in February and imposed a series of financial penalties from the EU, the United States, the United Kingdom and other countries. The government said on Tuesday that it had frozen 100 million euros.

In a statement by the Treasury, assets include more than 90 bank deposits and securities and 1,100 legal entities identified through Luxemburg’s business and corporate registration.

Two months ago, Luxembourg estimated that the value of frozen Russian assets was worth € 2.5 billion. Shortly thereafter, opposition politicians expressed suspicion that Luxembourg had blocked all of Russia’s oligarchs’ domestic wealth.

By comparison, the Swiss government said last month that the country of the money center has frozen € 5.8 billion worth of Russian assets after releasing its provisionally blocked assets of € 3.26 billion.

The Parliamentary Commission met with Finance Minister Bucks on Tuesday to consider the implementation of Luxembourg sanctions and the potential impact on the country’s financial sector.

Luxembourg law directs the Treasury and Justice Departments, supervisors including CSSF, and self-regulatory bodies to monitor sanctions compliance.

Also facing sanctions is at least one of the Luxembourg-registered jets owned by Russian oligarch Roman Abramovich. The Gulfstream G650ER Jet Bearing Tail Number LX-RAY, estimated to be worth about $ 60 million, is operated by Global Jet Luxembourg, based in the village of Hesperange. According to the U.S. Department of Justice, the second Abramovich jet, the Boeing 787-8, was also ordered by a U.S. judge to be imprisoned for about $ 350 million.

It seems unlikely, officials said, as Boeing is now in the United Arab Emirates and Gulfstream was flying to Russia.

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