US and allies have frozen $ 330 billion in Russian assets since the start of the war

The United States and its allies have “frozen” more than $ 330 billion in Russian assets since the beginning of the conflict in Ukraine, the US Treasury Department announced today.

In particular, the Western allies blocked $ 30 billion in assets held by Russian oligarchs or members of the Russian elite who were sanctioned and “immobilized” about $ 300 billion of the Russian central bank, according to a statement issued by the West. in charge of locating the assets of members of the Russian elite and released by the US Treasury Department.

At least five luxury yachts were also confiscated, as well as properties owned or controlled by Russian nationals, which were the subject of sanctions.

“Together we will ensure that sanctions continue to incur costs for Russia for its unprovoked and prolonged aggression in Ukraine,” they said in a statement.

The REPO task force was set up on March 17, three weeks after the start of the Moscow invasion of Ukraine, to escalate economic pressure on Russia.

It consists of high-ranking officials from the US Treasury or Justice, Australia, France, Canada, Germany, Japan, Italy, the United Kingdom and the European Commission. This group targets the luxury properties and yachts of Russian billionaires from the vicinity of Vladimir Putin.

Members of the task force are also trying to isolate Moscow from the global financial system and have limited Russia’s ability to acquire advanced technologies.

In its announcement, the REPO action group warns that it will continue to locate the assets of Russian elites.

“REPO’s work is not over,” the statement said. “We will continue to increase the cost of the war for Russia.”

Source: AMPE