Russia sanctions: 955,14306.40 euros have been frozen so far


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Status: 03/30/2022 00:40 AM

How many assets have banks in Germany frozen in the context of sanctions against Russian companies and individuals? The federal government is now naming a number for the first time – which some classify as “realistic”.

Written by Philip Eckstein, ARD Capital Studio

For the first time, the federal government published a figure on how much money has been blocked in Germany so far in connection with sanctions against Russian companies and individuals. Accordingly, local banks froze a total of 955,14306.40 euros by March 21. This means that the owners do not have access to these funds and cannot, for example, make transfers or withdrawals.

Philip Eckstein
ARD Capital Studio

Information for the first time

The number has been raised by Deutsche Bundesbank. The Federal Ministry of Finance informed a member of the Bundestag of the left upon request. The answer lies in that ARD Capital Studio Before.

This is the first time since the sanctions went into effect at the end of February that the federal government has provided information about frozen assets. So far, the responsible ministries and the Bundesbank have not responded to inquiries on this subject. So far, the answer says that no more details, including operational results, can be revealed.

France is asking for 850 million euros

In other countries, governments are sometimes more open about information about confiscated and frozen assets related to the Russian attack on Ukraine. For example, French Economy Minister Bruno Le Maire said in an interview a week ago that his country has already committed about 850 million euros. 150 million euros of which were frozen in accounts, and the remaining millions related to confiscated yachts and prohibited real estate.

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Hundreds of millions of euros in assets were also confiscated in Italy. According to media reports, in Belgium there should already be about ten billion.

‘fairly realistic’

By comparison, around 95 million euros in Germany is “fairly realistic”, says Konrad Davie of the independent interest group Bürgerbewegung Finanzwende. In any case, it can be assumed that there are more assets of sanctioned persons from Russia in Germany.

At the same time, Duffy stresses that the figure only reflects what the banks have reported. Real owners of yachts, real estate, or works of art often masquerade as shell companies. He hopes that not only will there be a “Bundesbank figure” but that the Federal Government will soon be able to announce “more successes” regarding these assets.

Left-wing member of the Bundestag Pascal Maier wanted to know from the federal government the size of the total assets of people and companies subject to sanctions in Germany. So the question refers not only to bank accounts, but also to real estate, cars or yachts for example. The MP also wanted to know what had already been frozen or confiscated.

The government does not want to give any details

With the exception of the number from Bundesbank, the federal government does not want to release any information about it. In response to MPs, Parliamentary Secretary of State in the Ministry of Finance, Florian Tonkar, said: “After careful consideration, the Federal Government has come to the conclusion that the information requested needs to be protected even if it is a slight risk of becoming known in light of the potential harm is unacceptable. “.

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Even “depositing the requested information with the German Bundestag’s secret protection agency” is therefore out of the question, according to the FDP politician Tonkar. If the information becomes known, the success of the “sanctions measures established in the European framework will be precisely at risk.”

Left-wing politician Meiser is not convinced by this argument. to me ARD Capital Studio He said that as a member of the Bundestag, he needed more information about the assets of sanctioned individuals and companies in Germany. “Either the federal government is stalling because it can’t disclose the information, or it’s blocking it because it doesn’t have it.” The latter would be a disaster, according to Meiser.

Task Force so far without results

Since the sanctions came into force, there has been frequent criticism, particularly against the sanctioned oligarchy in Germany, no decision or action has been taken quickly enough. Perhaps this is why the federal government had to implement the sanctions in mid-March Forming a work team. This working group has the task of coordinating the work of several ministries and agencies involved in the implementation of sanctions in Germany. Originally, the Federal Chancellery was supposed to play a central role.

Since then, according to information from ARD Capital Studios Changed management several times. The federal government has left questions about this unanswered. The Federal Ministry of Economy and the Federal Ministry of Finance are now responsible. The two ministries recently announced that the task force had begun work, but so far no results have been reported.

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