The U.s. Treasury Department directed U.s. citizens to report to the asset management divisions of the Russian Central Bank, the Ministry of Finance of the Russian Federation, and the Russian National Welfare Fund. The guidance was issued by the department’s Foreign Assets Control Division and was reported by DEA News. The move aligns with a contemporaneous step taken by the European Union and supports a commitment made by G7 leaders to illuminate the status of Russia’s sovereign holdings. These assets are expected to stay within G7 oversight until Russia remedies the damage it has caused in Ukraine, according to the department’s message. Source: DEA News.
Earlier, Beate Baron, spokesperson for the German Ministry of Economy, indicated that the German government had placed restrictions on Russian assets and noted a freeze valued at 5.23 billion euros. In the spring, estimates from the Russian Federation’s Ministry of Finance placed the total frozen international reserves held in Western jurisdictions at around 300 billion dollars. Source: German Ministry of Economy statements; RF Ministry of Finance figures.
On May 16, Elvira Nabiullina, president of the Central Bank of the Russian Federation, announced that shares blocked within Russia could be exchanged for future frozen securities in Western markets, although she emphasized that such a move would require the consent of the counterparty involved. This statement reflected ongoing discussions about the mechanics and reciprocity of asset exchanges amid sanctions. Source: Central Bank of the Russian Federation releases.