German Finance Ministry estimates frozen Russian assets in country at €3.51 bln

BERLIN, August 27. /TASS/. The total value of Russian assets currently frozen in Germany under European Union sanctions is estimated at around €3.51 bln, a representative of the German Finance Ministry told a TASS correspondent.

"The total value of assets belonging to individuals, organizations and entities that have been frozen or immobilized in Germany under EU Regulations 269/2014, 833/2014 and 2024/2642 <...> currently stands at around €3.51 bln," the official said.

"This includes frozen funds and economic resources of listed individuals or entities, as well as confirmed foreign assets of the Russian Central Bank located in the country that are subject to a transaction ban," the representative explained, adding that the amount may vary depending on the valuation method used.

The EU and Group of Seven countries have frozen around €300 bln in Russian assets. Around €180 bln is held at Belgium-based securities depository Euroclear. The European Commission is seeking the consent of EU member states to use Russian assets for Ukraine. The EU previously failed to reach agreement on a "reparations loan" for Ukraine backed by frozen Russian assets.