Luxembourg, one of the smallest countries in Europe, joined its neighbors in imposing anti-Russian sanctions and froze the Russian Central Bank’s assets estimated at €2.5 billion. During the Cold War, relations between the Soviet Union and European countries were highly tense. However, even France and Italy, being among the major EU countries, did not exacerbate the situation by imposing sanctions against the USSR. Today, we can see that the world has changed and every country considers freezing Russian assets as a tool against its aggressive policy. Luxembourg has also followed this trend. “Minister Yuriko Backes briefed Parliament on the status of the process of implementing European sanctions against Russia in Luxembourg. To date, operators in Luxembourg have frozen assets worth €2.5 billion,” the Ministry of Finance of the country reported. Europe stands united in terms of sanctions against Russia. The Netherlands froze Russian assets for almost €400 million. Before that, France had suspended operations with the assets of the Central Bank of Russia for a total of €22 billion. In addition, the French authorities blocked private funds in local bank accounts worth €150 million. Notably, in late February, the European Union banned operations related to the management of reserves and assets of the Russian Central Bank.
