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The French Minister of the Economy Bruno le Maire has announced that France will take a new step in its financial sanctions against Russia.
Following Russia‘s invasion of Ukraine, the European Union announced a battery of sanctions against the attacker, such as the closure of airspace to Russian aircraft, joint financing of military equipment and the freezing of assets. Russian leaders and personalities close to the Kremlin will have their assets frozen and be banned from European territory. This concerns some 515 personalities and entities, including politicians, senior members of the Russian army and some business and banking leaders. “At the request of the President of the Republic, we are continuing the complete inventory of financial assets, real estate, yachts and luxury vehicles belonging to Russian personalities under European sanctions,” explained Bruno le Maire.
Freezing of property and assets
“The freeze does not constitute a loss of property but a temporary limitation of the right of access to these assets or economic resources”, the Ministry of the Economy states. “When the measure ceases, the individual regains the use of his or her frozen funds or assets and resources.”
Russians affected by the sanctions will have their funds or assets frozen and will no longer have access to their bank accounts, will not be able to pay or receive payments, nor use a cheque book… They will therefore no longer be able to take advantage of their economic resources within the European Union. As far as assets are concerned, real estate, boats (yachts/cargoes) and luxury vehicles are also affected by the measure.
But the government would like to go further by seizing property. “At the moment, the law allows us to freeze assets. To carry out seizures, we need to be able to rely on a court decision. And for that, you need a text, a legal basis”, says the minister’s office. But this is a complicated task because many of the people on this list have probably not put the houses and other goods in their name. “This means that other names would potentially have to be transmitted to the European Commission, among the members of the families of the people targeted.”
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The French Minister of the Economy Bruno le Maire has announced that France will take a new step in its financial sanctions against Russia.
Following Russia‘s invasion of Ukraine, the European Union announced a battery of sanctions against the attacker, such as the closure of airspace to Russian aircraft, joint financing of military equipment and the freezing of assets. Russian leaders and personalities close to the Kremlin will have their assets frozen and be banned from European territory. This concerns some 515 personalities and entities, including politicians, senior members of the Russian army and some business and banking leaders. “At the request of the President of the Republic, we are continuing the complete inventory of financial assets, real estate, yachts and luxury vehicles belonging to Russian personalities under European sanctions,” explained Bruno le Maire.
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The French Minister of the Economy Bruno le Maire has announced that France will take a new step in its financial sanctions against Russia.
Following Russia‘s invasion of Ukraine, the European Union announced a battery of sanctions against the attacker, such as the closure of airspace to Russian aircraft, joint financing of military equipment and the freezing of assets. Russian leaders and personalities close to the Kremlin will have their assets frozen and be banned from European territory. This concerns some 515 personalities and entities, including politicians, senior members of the Russian army and some business and banking leaders. “At the request of the President of the Republic, we are continuing the complete inventory of financial assets, real estate, yachts and luxury vehicles belonging to Russian personalities under European sanctions,” explained Bruno le Maire.
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