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Czechia approves Russian state assets freeze in country

Czechia approves Russian state assets freeze in country Jan Lipavský, Minister of Foreign Affairs of Czechia (Photo: Vitaliii Nosach, RBC-Ukraine)
Author: Daria Shekina

Today, November 15th, the Czech government approved the freezing of Russian state-owned assets in the country, according to Novinky and the statement by the Minister of Foreign Affairs of Czechia, Jan Lipavský.

According to the minister, today the government approved the freeze of Russian state assets in Czechia, a measure he had proposed earlier.

"Financial accounts will be blocked, and property in the real estate cadastre will also be blocked to prevent its sale. When the government makes the decision, the financial analysis unit is obliged to act. We prepared this measure in collaboration with the office, so it is not a new issue for them," explained Minister Lipavsky.

The minister states that individuals renting buildings may remain there. However, they will be required to transfer funds to an account subject to sanctions and use the money for building repairs to preserve the property.

"This marks the end of commercial activities through which Russia funds the killing of Ukrainians," added Lipavsky.

The minister also mentions plans to propose similar sanctions to other European Union countries.

"If it could be implemented there, it would be a great success," he said.

Asset confiscation from Russia

Ukraine, along with its partners, is working on the possibility of confiscating frozen Russian assets, including state-owned assets, in allied countries. These funds are intended for Ukraine's recovery. Currently, there's talk of nearly $500 million.

Additionally, Bloomberg reported the EU was studying the procedure to confiscate €200 billion in frozen assets from the Russian Central Bank.

Reaction from Ukraine

"The Minister of Foreign Affairs, Dmytro Kuleba, expressed gratitude to Czechia and his colleague Jan Lipavsky for their principled position," reported the Ministry of Foreign Affairs of Ukraine.

Kuleba also urged all countries that had not yet taken that step to follow suit.

"Russian money should go towards Ukraine's recovery, not funding killings and destruction," emphasized the minister.

Assistance to Ukraine from the Czechia

Earlier reports indicated that the Czechia was ready to help Ukraine implement several points of the Peace Formula aimed at ending the war with Russia.

It's also worth noting that the Czech Ministry of Defense announced its intention to grant Ukraine a license to produce assault rifles. This pertains to the CZ BREN 2 model.

In mid-October, Czechia revealed plans to supply Ukraine with BMPs, combat tanks, heavy weaponry, and other equipment, both new production and from Czech private company stocks, at Denmark's government expense.

Moreover, the Czech Senate recently extended the mandate for training Ukrainian soldiers until the end of 2024.