The German Ministry of Finance for the first time published data on the total amount of Russian assets frozen in the country ” alt=”Germany has frozen €95 million on the accounts of companies and individuals from Russia” />
The building of the German Ministry of Finance
The German authorities have frozen more than €95 million on the accounts of companies and individuals from Russia, the channel reports ARD with reference to data from the German Ministry of Finance.
According to the channel, the ministry for the first time published data on the amount of accounts blocked in Germany in connection with sanctions against Russia. In total, according to the Ministry of Finance, as of March 21, banks froze €95 514306.
“This means that the owners cannot access these funds and cannot, for example, make transfers or withdrawals.” ;,— specifies ARD.
Since the end of February, Western countries, in particular the European Union and the United States, began to impose sanctions against Russia. They affected the assets of Russian officials and businessmen, financial and industrial organizations, as well as the reserves of the Central Bank.
In total, Western countries have frozen access to about $300 billion, which is slightly less than half of the total volume of Russia's gold and foreign exchange reserves, said Finance Minister Anton Siluanov. He also noted that Western countries are putting pressure on Beijing to limit Russia's access to the yuan. “I think that our partnership with China will allow us to maintain the cooperation that we have achieved,” — noted the minister. In his opinion, the West is trying to organize a technical default for Russia.
By February 18, the international reserves of the Central Bank amounted to $643.2 billion— they are placed in gold and assets denominated in different currencies. As of February 1, there were $311 billion in securities of foreign issuers, $132 billion was stored in gold on Russian territory, $152 billion— in cash and deposits in banks abroad, about $30 billion— in reserves with the International Monetary Fund (IMF) and special drawing rights (SDR, the IMF unit of account).
In response to the freezing of reserves in dollars and euros, Russia limited the movement of funds that could be transferred to “unfriendly country”, by a comparable amount. Foreign investors were banned from selling securities and withdrawing funds from the Russian financial system.
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