NEWS
Ukraine War: Russian Oligarchs’ assets in France being seized
Finance Minister, Bruno Le Maire reveals on Sunday that, France has seized around €850 million ($920 million) of Russian oligarchs’ assets on its soil.
“We have immobilized 150 million euros in individual’s accounts, credit lines in France and in French establishments, ” Le Maire told French television as Paris hits Moscow over its invasion of Ukraine.
Furthermore, “we have immobilized 539 million euros in real estate on French territory, corresponding to some 390 properties or apartments and we have sequestered two yachts (with a value of) 150 million euros,” said Le Maire.
“In total that is (almost) €850 million in assets belonging to Russian oligarchs which have been immobilized on French soil,” he said.
Le Maire stated that, “they are not seized in the sense that the state becomes the owner and could then sell them on. For there to be seizure there has to be a penal offence”, the French crackdown however means the owners are unable to, sell on or monetize their assets.
“The sanctions are hitting Russia, the state, Vladimir Putin hard,” Le Maire went on.
Russia has been issued lots of sanctions since the commencement of the war in Ukraine on the 24th of February 2022.
On Friday, Russia’s central bank said the extent of the sanctions would make macroeconomic forecasting “extremely difficult”.
Four days after the invasion began Moscow hiked its main interest rate from 9.5 to 20 per cent and the response to the conflict has largely cut Russia’s financial sector off from the global economy.
