Russian assets of more than $30 billion seized by Russian Sanctions Taskforce
Updated: Sep 2, 2022
A Russian Sanctions Taskforce has disclosed that in its first 100 days of operation, it has impounded more than $30 billion (€28.5 billion) in assets belonging to Russians under sanctions.
Following Russia's invasion of Ukraine, the Russian Elites, Proxies, and Oligarchs Task Force (REPO) announced that it had blocked more than $30 billion (€28.5 billion) in assets belonging to sanctioned Russians, frozen or seized high-value items belonging to sanctioned Russians, and severely restricted access to international financial institutions for sanctioned Russians.
The REPO Task Force claimed in a statement that in addition to seizing or detaining a number of superyachts and ships, it had also "immobilized" about $300BN (€285BN) in assets from the Russian Central Bank.
REPO further disclosed that it had taken numerous properties owned or under the control of sanctioned Russians and had made it "greater difficulty" for Russia to access the international financial system.
The REPO also collaborated with the private sector, according to the US Department of the Treasury, to "promote effective sanctions implementation."
Financial institutions and other organizations required to abide by sanctions have also received praise from REPO for their role in locating and seizing assets as well as their efforts to stop Russia from evading sanctions.
The Treasury stated that REPO's work is "not yet complete" despite these significant victories. "In the coming months, REPO members will continue to track Russian sanctioned assets and prevent sanctioned Russians from undermining the measures that REPO members have jointly imposed."
"We will ensure that our sanctions continue to impose costs on Russia for its unprovoked and continuing aggression in Ukraine and to prevent funds and economic resources from being provided to or for the benefit of designated persons," the US Department of the Treasury stated.
By fLEXI tEAM