Czechia freezes about €350 million of Russian sanctioned assets
The total amount of assets of Russian citizens subject to sanctions frozen in the Czech Republic is over 14 billion hryvnias [roughly €347.36 million].
Source: Radek Matula, Czechia’s Ambassador to Ukraine, during a meeting with Olena Duma, Head of the Asset Recovery and Management Agency (ARMA), as reported by European Pravda
Details: The Czech ambassador noted that Czech law enforcement agencies are actively monitoring information on Russian citizens subject to sanctions and reiterated Prague's support for Kyiv's accession to the EU and NATO.
The parties discussed prospects for future cooperation, in particular, the establishment of cooperation between ARMA and similar agencies in the Czech Republic in the field of asset tracing and management.
Background:
- In March 2023, Czech Prime Minister Petr Fiala announced that the Czech Republic had frozen hundreds of millions of Czech korunas worth of assets of Russian individuals and companies subject to EU sanctions.
- In June 2023, the European Union concluded that it could not legally confiscate frozen Russian assets in the EU. It has since focused on a plan to confiscate the profits from the use of these assets.
- The European Commission's proposal on the use of frozen Russian state assets in the EU for the benefit of Ukraine will not be released until September.
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