Luxembourg has frozen some 4.3 billion euro in Russian assets, mostly held in shares, bonds and bank accounts, as part of the international sanctions against Russia, the finance ministry said.
The Luxembourg Business Register, at the request of the finance ministry, so far has identified more than 90 persons and 1,100 legal entities registered in the Trade and Companies Register (RCS) for which there are details of persons included in the sanctions lists.
Finance Minister Yuriko Backes, who chairs a dedicated Monitoring Committee on sanctions against Russia, in March said that the Grand Duchy had frozen about 2.5 billion in Russian assets.
The committee reviewed the EU’s restrictive measures in response to Russia’s military aggression against Ukraine, the modalities of the sanctions regime, their domestic implementation and their possible impact on the financial sector.
National legislation, in particular the law of 19 December 2020 on the implementation of restrictive measures in the financial sector, allows the Ministry of Finance, the Ministry of Justice, the supervisory authorities and the self-regulatory organisations to monitor compliance with the sanctions and to take action in case of non-compliance.
To put the number into context, Luxembourg has frozen 1.8 billion euro in Iranian assets since 2011 and approximately 3 billion euro in Libyan assets since 2006.
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