The Czech Republic Freezes Millions Belonging To Sanctioned Russian Tycoons

The Czech Republic has frozen assets worth millions of dollars belonging to Russian tycoons under sanctions, Prime Minister Petr Fiala told national TV.

He did not name the individuals whose assets were frozen.

Fiala said the government needs to take care of the Czech citizens working at local firms owned by the sanctioned Russian individuals, but excluded the idea of nationalizing their assets.

He also said the government was planning to change the current legislation to make the procedure more vigorous and effective. The Czech Prime Minister also said the Czech Republic will continue to supply arms to Ukraine.

The Czech Republic is the latest European Union country to announce it has frozen assets of Russian tycoons following unprecedented EU sanctions against the country and its wealthiest individuals.

The United States, EU, Canada, Japan, and other countries agreed to place sanctions on Russia’s financial sector, including its central bank, and freeze assets of people believed to be close to Russian President Vladimir Putin after the Kremlin launched an invasion of Ukraine on February 24.

Italy has frozen the assets of Russian tycoons worth more than 800 million euros.

The Central Bank of the Netherlands has blocked 200 million euros of Russian assets, while France has frozen 22 billion euros belonging to Russia’s central bank.

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