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Germany has nearly 4 billion euros of frozen Russian assets

Germany has nearly 4 billion euros of frozen Russian assets Germany has frozen 4 billion euros worth of Moscow's assets (Getty Images)
Author: Maria Kholina

In Germany, Russian assets worth €3.95 billion are currently frozen. This includes assets of private individuals and companies that came under sanctions following Russia's attack on Ukraine, as well as foreign assets of the Russian central bank, according to Reuters.

"This sum is subject to valuation fluctuations," the letter from the German Ministry of Finance addressed to Markus Herbrand, a politician from the Free Democratic Party of Germany, said.

In March 2023, the Ministry of Finance announced frozen Russian assets in Germany totaling €5.25 billion. The letter dated May 10 does not provide an exact breakdown.

Russian assets in EU

The European Union aims to utilize interest payments on Russian assets to bolster Ukraine's defense. This proposal has been endorsed by German Chancellor Olaf Scholz.

Finance Minister Christian Lindner plans to establish a new body to better enforce sanctions and step up the fight against money laundering. However, discussions within the German coalition government have reached an impasse.

The majority of Russian assets are frozen in Belgium, as it hosts the Euroclear depository, where Russian assets totaling €191 billion are held.