France seizes €850m of Russian assets

By Pelumi Emmanuel

Published: March 21, 2022 | 10:41 AM GMT

France has frozen and seized assets of Russian oligarchs to the tune of around 850 million euros (938 million dollars) following Russia’s invasion of Ukraine.

Property worth 539 million euros had been blocked, Le Maire French Economy Minister Bruno said.

He said another 150 million euros from private accounts at French banks have been frozen and two yachts worth 150 million euros have been seized.

France established a taskforce to implement EU sanctions against Russian oligarchs or those close to President Vladimir Putin.

It is tasked with finding their assets in France and identifying the owners of bank accounts, luxury villas and yachts, which is a complicated endeavour due to the many shell companies used to hide identities. (dpa/ NAN)

About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.