Germany says it is holding 3.9 bn euro in frozen Russian assets

Berlin: The German Ministry of Finance says Russian assets totalling 3.9 billion euro ($4.2 billion) are currently frozen in Germany.

A ministry spokeswoman told journalists in Berlin on Wednesday that the assets include money, shareholdings, and yachts belonging to sanctioned individuals, organizations or companies.

Last June, the government put the value at €5.2 billion in an answer to a parliamentary question.

The spokeswoman explained that the sum is subject to market fluctuations and is also influenced by individual delistings by the EU when individuals or organizations are removed from the sanctions list.

German Chancellor Olaf Scholz recently announced that proceeds from the safekeeping of frozen Russian funds in the EU could be used in the future to buy arms for Ukraine from around the world. There is an agreement to use around 90% of these funds for Ukrainian defence purposes. Several billion euros a year are involved.

The European Commission says around €210 billion from the Russian central bank are frozen in the EU. The interest accruing from the funds is steadily increasing.

The Brussels-based financial institution Euroclear recently announced that it had made around €4.4 billion in interest income in connection with Russia sanctions in 2023.