In the context of the sanctions against Russia, the Ministry of Finance received about 100 alerts from financial operators in Luxembourg who froze funds and economic assets. The Ministry of Finance made this announcement after a meeting of the follow-up committee on Friday. According to the statement, not a single infraction of the sanctions has been found thus far.
The Surveillance Commission of the Financial Sector (CSSF) has confirmed that funds have been frozen and that respective follow-up checks will be conducted over the coming days. The insurance commissioner’s office has in the meantime announced that contracts for ships have been cancelled. However, life insurance policies cannot be frozen, only delayed in some cases.
The statement from the Ministry of Finance fails to indicate the total sum of frozen Russian funds, or if any goods, such as private jets and real estate, have been seized so far.
