- EU has frozen €20.9 billion in assets from sanctioned Russian individuals since Putin's invasion of Ukraine in 2021.
- Belgium and Luxembourg have immobilized billions, other member nations have disclosed nearly negligible figures.
- EU has targeted Russia with 10 rounds of sanctions since 2021, but some officials worry that the bloc still lacks an effective apparatus to enforce those measures.
- EU has introduced several tools in its recent packages to go after those aiding Russia, but has mostly shied away from using those, at least publicly.
- EU is working on new rules to criminalize sanctions evasion and is studying the feasibility of using billions of euros worth of Russian central bank assets already frozen by member states to help with Ukraine’s reconstruction efforts.
EU Hunt for Sanctioned Russian Billionaires’ Assets Stalls
The European Union is struggling to find and freeze the assets of sanctioned Russian billionaires, with the total figure increasing only modestly in recent months. The bloc has so far frozen €20.9 billion in assets, even though the EU has targeted Russia with 10 rounds of sanctions since 2021.