Luxembourg freezes EUR 5.5B of Russian assets

Luxembourg freezes EUR 5.5B of Russian assets

Luxembourg has frozen EUR 5.5 billion belonging to Russian individuals and legal entities, which is about a third of all Russian assets blocked on the territory of the European Union.

As reported by Ukrinform with reference to APA, this was stated by the Minister of Foreign Affairs of Luxembourg Jean Asselborn during his address to parliament on Tuesday.

"Of the total amount of assets of Russian individuals and legal entities frozen in the EU, about a third is blocked in Luxembourg. 5.5 out of 17 billion euros of Russian assets were frozen in Luxembourg as a result of EU sanctions after the invasion of Ukraine," the report says.

Asselborn also stated that if Russia’s behavior doesn’t change, further sanctions are inevitable. He stressed the importance of the EU not jeopardizing its current unity. According to the minister, there can be "no neutrality" regarding Russia's war against Ukraine.

Read also: Zelensky, von der Leyen discuss macro-financial assistance to Ukraine for 2023

Luxembourg has supplied Ukraine with weapons, material and technical means in the amount of more than EUR 72 million, which corresponds to 16% of the country's total defense budget.

As reported earlier, EU member states have already frozen about EUR 17.5 billion belonging to Russian individuals and legal entities that have come under sanctions.

Also, the European Union, the United States, and other allies have frozen $300 billion worth of reserves of Russia’s central bank.

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