Assets with immunity
Russia’s assets in the European Union and other Western countries were frozen after the country started its invasion of Ukraine. The decision affected both the $300 billion worth of reserves of the Russian Central Bank and about $19 billion owned by sanctioned Russian businesses. According to data by Politico, 90% of the frozen assets owned by Russian oligarchs in the EU are concentrated in Belgium, Luxembourg, Italy, Germany, Ireland, Austria and France. In addition, the sanctions affected 7.5 billion Swiss francs, although those are only 5% of all Russian assets in Swiss banks.