Topline
The U.S. and its allies have frozen more than $30 billion worth of sanctioned Russians’ funds and other financial assets since the invasion of Ukraine, the Department of Justice announced Wednesday, as countries continue to put economic pressure on Russia to end its invasion of Ukraine.
Russian President Vladimir Putin delivers a speech during the opening ceremony of the International … [+]
Key Facts
The Russian Elites, Proxies, and Oligarchs Task Force–made up of representatives from the U.S., the U.K., Australia, Italy, Germany, France, Japan, Canada and the European Commission–has also blocked a combined $300 billion in Russian Central Bank funds from circulating, the DOJ said.
Those billion-dollar figures don’t include the personal possessions seized from sanctioned Russians, like swathes of luxury real estate, multiple superyachts and other high-value assets, the agency said.
Those sanctions also prevent Russia from acquiring the technology and other goods that allow it to “sustain its unjust war in Ukraine,” according to the DOJ.
Economic sanctions will continue to “increase Russia’s cost of its war,” the agency said.
Key Background
The REPO Task Force launched in March, shortly after the invasion began, with the aim of putting economic pressure on Russia to end the war in Ukraine. Hundreds of Russian oligarchs, officials and companies with ties to the Kremlin have been sanctioned, including dozens of billionaires. On Tuesday, the U.S. sanctioned an additional 70 Russian entities tied to the country’s defense, industrial, technology, and manufacturing sectors, along with 29 individuals. Russian gold imports were also banned. On Monday, Russia defaulted on its foreign debt for the first time in more than a century, Moody’s said.
Further Reading
Russia Defaults On Its Foreign Debt As Grace Period For Payment Expires, Moody’s Says (Forbes)
U.K. Sanctions Mining Magnate Vladimir Potanin—Russia’s Wealthiest Oligarch (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/06/29/us-and-allies-have-frozen-30-billion-of-sanctioned-russians-assets-doj-says/