Luxembourg Confirms €4.3bn Russian Assets Frozen To Date

On Tuesday 7 2022, Luxembourg's Minister of Finance, Yuriko Backes, confirmed that Luxembourg operators have frozen the assets of sanctioned persons and entities in relation to Russian aggression against Ukraine amounting to nearly €4.267 billion.

The amount accounts bank assets as well as transferable securities. At the request of the Ministry of Finance, the Luxembourg Business Register (LBR) has identified the companies registered in the Trade and Companies Register (Registre de commerce et des sociétés - RCS) for which persons appearing on the sanctions lists have been entered. So far, more than 1,100 people and 90 legal entities have been designated.

These figures were presented on 7 June 2022, during an extraordinary meeting of the Monitoring Committee under the chairmanship of Minister Backes. The committee took stock of the European Union's restrictive measures in response to Russia's military aggression against Ukraine, the modalities relating to the sanctions regime, their implementation at national level 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 field, allows the Ministry of Finance, the Ministry of Justice, supervisory authorities and self-regulatory bodies to control the compliance with sanctions and to act in the event of non-compliance. The Luxembourg authorities are cooperating closely with their European counterparts and those of the other Member States, in order to ensure effective implementation of the sanctions and thus prevent any attempts to circumvent them. The Luxembourg authorities are available to all economic operators to help them answer any questions they may have in this context.