In line with EU Regulations, Irish financial institutions have frozen over €1.9 billion of Russian funds. These funds relate to asset freeze measures for listed individuals and entities. As with all EU sanctions regimes, the measures introduced in response to Russia’s illegal aggression in Ukraine provide for the freezing of the assets for the duration of the sanctions regime rather than the seizure or confiscation of the assets.
The Deputy will be aware that on 12 February 2024, the EU reached agreement concerning the use of extraordinary revenues stemming from Russia’s immobilised sovereign assets to support Ukraine. I welcome the progress made on this important issue. I have repeatedly emphasised that Russia should be held accountable for the appalling damage caused by its illegal invasion in Ukraine.
It is estimated that more than €200 billion of immobilised assets of the Central Bank of Russia are held in the EU as a result of sanctions. Irish institutions do not hold any assets of the Central Bank of Russia.
The recent agreement clarifies the legal status of the extraordinary revenue generated from the immobilised Central Bank of Russia revenues and ensures that such revenue is held separately from the assets themselves. A later final step will then deal with how this revenue could be used to support Ukraine.
These steps have been coordinated with international partners, with consideration given to the complex legal and economic questions involved – particularly on the potential impact action in this area could have on the financial stability and the international role of the Euro.
Ireland will continue to be actively involved in these discussions at EU level.
