CEM REPORT | France has seized around 850 million euros ($920 million) of Russian oligarchs’ assets on its soil, Finance Minister Bruno Le Maire said Sunday.
“We have immobilised … 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 immobilised 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 millions euros in assets belonging to Russian oligarchs which have been immobilised on French soil,” he added.
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The French crackdown means the owners are unable to, sell on or monetise their assets.
Notwithstanding, “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”, Le Maire stipulated.
“The sanctions are hitting Russia, the state, Vladimir Putin hard,” Le Maire went on.
Since Russian began its war in Ukraine on February 24 Western states have responded with a wide-ranging package of stiff financial sanctions.
On Friday, Russia’s central bank said the extent of the sanctions would make macro economic forecasting “extremely difficult”.
In Early March, Aljazeera reported that Custom officers in France seized a yacht belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of European Union sanctions on Russian oligarchs, Finance Minister Bruno Le Maire said.
The 88-metre (289-foot) “Amore Vero” arrived in La Ciotat on January 3 and was due to stay there until April 1 for repairs, the finance ministry said in a statement on Thursday, adding that the vessel was subject to the new sanctions