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2 Aug, 2022 13:29

EU nation reveals amount of frozen Russian assets

Belgium has reportedly seized much more than previously announced
EU nation reveals amount of frozen Russian assets

Belgium froze more than €50 billion ($51 billion) in funds belonging to Russian individuals, companies and other legal entities subject to sanctions, the country’s media has reported.

The sum includes “all kinds of financial assets” such as money and stocks located in Belgium and owned by 1,229 people and 110 entities such as Russian politicians, businessmen, banks and corporations, the Nieuwsblad newspaper wrote on Tuesday, citing Francis Adyns, a spokesman for the finance department of the country’s Federal Public Service.

The last time data on frozen Russian assets in Belgium was released was in April, and the figure stood at €3.5 billion.

Belgium, which is home to major European clearing house Euroclear, also blocked €217 billion in transactions, Nieuwsblad writes.

Last month European Commissioner for Justice Didier Reynders announced that nearly €14 billion worth of Russian assets had been frozen across the European Union, with more than €12 billion in just five member states. Another €23 billion belonging to the Russian Central Bank was frozen in May, according to Reuters.

Western countries established task forces to track down and freeze Russian assets in line with international sanctions against the country. Moscow has repeatedly slammed the seizures as “robbery.”

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