Western-led Multinational Task Force Freezes 428 Trillion Won of Russian Leadership Assets Post-War

Luxury Yacht Amadea Owned by Russian Tycoon Seized in Fiji
[Photo by Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] Since Russia's invasion of Ukraine, a Western-led multinational task force (TF) has reportedly frozen assets worth more than $330 billion (approximately 428 trillion won) owned by the Russian leadership and the central bank.

According to major foreign media on the 29th (local time), the task force targeting the so-called 'REPO' forces?comprising Russian leaders, proxies, and emerging oligarchs?announced in a statement released through the U.S. Treasury Department and others that it has frozen $30 billion in assets owned by sanctioned Russians and $300 billion in assets of the Russian central bank during the 100 days since its launch. Additionally, it has seized five yachts owned by sanctioned Russians and frozen luxury real estate.

It also explained that it has isolated Russia from the international financial system, making it difficult for Russia to acquire the technology necessary to continue the war. The REPO TF was launched on March 16 with participation from the United States, Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Union (EU) Commission. Ministries of finance and justice from each country participate to coordinate sanction enforcement and share information.

The TF stated, "REPO's work is not yet finished," adding, "Over the coming months, we will continue to track sanctioned assets and prevent sanctioned individuals from evading the measures jointly established by REPO member countries."

It further emphasized, "We will continue to use sanctions to ensure that Russia pays the price for unjustifiably invading Ukraine and continuing hostile actions."

While the TF is freezing assets to weaken Russia's war capabilities, some concerns have been raised that the U.S. government and others may seize foreign assets without standard judicial procedures.

When the U.S. House of Representatives passed a bill in April to facilitate the seizure of Russian assets, the American Civil Liberties Union (ACLU) raised issues regarding this.

Tom Firestone, a lawyer specializing in defending companies under international investigation, told the Associated Press, "The scope of sanctions has expanded tremendously," adding, "Asset seizures could affect innocent people who have no connection to the war, so care must be taken to ensure they do not suffer harm."