Cyprus Finance Ministry: More than 1.2 billion euros in Russian assets frozen

By MENELAOS HADJICOSTIS
Associated Press

NICOSIA, Cyprus (AP) — Cyprus’ Finance Ministry says some 1.2 billion euros ($1.3 billion) in Russian-owned assets managed by Cyprus-registered companies has been frozen in compliance with sanctions leveled against Russia following its invasion of Ukraine. The ministry told The Associated Press on Tuesday “the vast majority” of those assets were held in European Union credit institutions and the entire amount came on top of 105 million euros frozen by banks in Cyprus. The ministry provided the information in response to the EU’s justice commissioner saying last week that Cyprus appeared to be falling behind on freezing Russian-owned assets. The Finance Ministry said this was an error owed to the European Commission receiving incomplete information.