REPO Task Force has frozen more than $58B worth of sanctioned Russians’ assets

REPO Task Force has frozen more than $58B worth of sanctioned Russians’ assets

The members of the Russian Elites, Proxies, and Oligarchs (REPO) Task Force have already blocked or frozen more than $58 billion worth of Russians’ assets sanctioned over the Russian aggression in Ukraine.

This is stated in REPO’s joint statement published following its virtual meeting on Thursday.

“One year into Russia’s unprovoked and illegal war of aggression against Ukraine, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination to exert unprecedented pressure on sanctioned Russians.  The members of the REPO Task Force have successfully blocked or frozen more than $58 billion worth of sanctioned Russians’ assets,” reads the statement.

As noted, REPO members tracked sanctioned Russian assets across the globe, and heavily restricted sanctioned Russians from the international financial system. In addition, Russian Central Bank assets were immobilized, and luxury real estate and other luxury assets owned, held, or controlled by sanctioned Russians were seized or frozen.

The Task Force continues to leverage financial intelligence, law enforcement information, joint investigations, and the assistance of the private sector to deny the Kremlin access to the revenue streams and economic resources Russia uses to wage its illegal war.

Over the past year, the Task Force convened six multilateral meetings, consistently shared information, and taken collective action to restrict sanctioned Russians’ access to the global financial system. Moreover, Russian sanctions evasion and sanctioned Russians’ use of financial facilitators were countered.

“As Russia’s war of aggression continues, REPO members remain determined in their commitment to impose steep costs on Russia.  REPO will continue to identify, locate, and freeze the assets of sanctioned Russians, with the aim of depriving the Kremlin of the funds it needs to fight its illegal war...  Any resolution to the conflict must ensure Russia pays for the damage it has caused,” the statement reads.

As reported, REPO Task Force was established and held a constituent meeting in March 2022. It was founded by the ministers of finance, justice, internal affairs, as well as relevant EU commissioners to identify, limit, freeze, seize, and confiscate the assets of the individuals and legal entities sanctioned over the aggression of the Russian Federation against Ukraine.

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