EU Says Froze $10.5Bln In Assets Of Russian Businessmen Since February 24

EU Says Froze $10.5Bln in Assets of Russian Businessmen Since February 24

The European Union has frozen 9.89 billion euro ($10.5 billion) worth of assets belonging to Russian businessmen since the start of Russia's special military operation in Ukraine on February 24, the European Commission said on Wednesday

MOSCOW (Pakistan Point News / Sputnik - 25th May, 2022) The European Union has frozen 9.89 billion euro ($10.5 billion) worth of assets belonging to Russian businessmen since the start of Russia's special military operation in Ukraine on February 24, the European Commission said on Wednesday.

"So far, Member States reported frozen assets worth 9.89 billion and blocked 196 billion worth of transactions," the statement read.

The Commission noted that there are over 40 sanctions regimes and punishments for violations of these measures across the EU.

On April 8, the EU Commission's Freeze and Seize Task Force said in a statement that member states had informed the commission about frozen assets, which include boats, helicopters, real estate and artwork worth 6.7 billion euro.

The Freeze and Seize Task Force was set up in March to ensure coordination among member states in the enforcement of sanctions against Russian and Belarusian individuals and companies, as well as to explore the interplay between sanctions and criminal law measures.

On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk requested help to defend them from attacks by Ukrainian troops. In response, the West and its allies imposed comprehensive sanctions against Russia, including airspace closures and restrictive measures targeting numerous officials and entities, media and financial institutions.