PARIS (AFP) – France has seized round 850 million euros (S$1276.27 million) of Russian oligarchs’ property on its soil, Finance Minister Bruno Le Maire stated Sunday (March 20).
“We have immobilised … 150 million euros in individual’s accounts, credit lines in France and in French establishments, ” Le Maire advised French tv as Paris hits Moscow over its invasion of Ukraine.
Furthermore, “we have immobilised 539 million euros in real estate on French territory, corresponding to some 390 properties or apartments and we have sequestered two yachts (with a value of) 150 million euros,” stated Le Maire.
“In total that is (almost) 850 millions euros in assets belonging to Russian oligarchs which have been immobilised on French soil,” he added.
The French crackdown means the house owners are unable to promote on or monetise their property.
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Notwithstanding, “they are not seized in the sense that the state becomes the owner and could then sell them on. For there to be seizure there has to be a penal offence”, Le Maire stipulated.
“The sanctions are hitting Russia, the state, Vladimir Putin hard,” Le Maire went on.
Since Russian started its conflict in Ukraine on February 24 Western states have responded with a wide-ranging bundle of stiff monetary sanctions.
On Friday, Russia’s central financial institution stated the extent of the sanctions would make macro financial forecasting “extremely difficult”.
Four days after the invasion started Moscow hiked its primary rate of interest from 9.5 to twenty per cent and the response to the battle has largely lower Russia’s monetary sector off from the worldwide financial system.
