The US Treasury estimated the volume of frozen Russian assets at $280 billion

The amount of blocked Russian assets abroad is about $280 billion, most of which is located in the European Union (EU). About it says in a message from the US Treasury following a meeting of the working group on Russian elites, proxies and oligarchs (REPO).

“In May, REPO completed its work to map and account for Russian sovereign assets that are frozen and located in REPO member jurisdictions. <...> The total value of assets is estimated at approximately $280 billion, most of which are located in the EU,” the statement said.

After the start of Russia’s special operation in Ukraine, Western countries introduced large-scale sanctions against the Russian Federation and froze Russian assets abroad. Finance Minister Anton Siluanov reported in March 2022 that the Russian Federation had lost access to half of the gold and foreign exchange reserves of the Bank of Russia – about $300 billion.

In July in the EC statedthat the EU has frozen 207 billion euros of Russian assets, including the assets of the Central Bank. US Department of Justice declared on the seizure of assets of Russian businessmen worth $500 million.

There have been repeated calls in the West and in Kyiv to use blocked assets to restore Ukraine. In December 2022, the US Senate approved an amendment according to which confiscated assets of Russian businessmen can be transferred for humanitarian and military assistance to Ukraine. On September 7, US Secretary of State Antony Blinken said that $5.4 million confiscated from Russian entrepreneurs would be used to support Ukrainian veterans.

The Kremlin previously called the freezing of Russian assets theft and a violation of international law. Press Secretary of the Russian President Dmitry Peskov noted that Russia is limited in its actions to combat such a decision, but the Russian authorities will not “sit idly by.” In May he statedthat Russian assets should be unfrozen without any conditions.