The European Commission’s “freeze and seize” task force Friday said that EU member governments have frozen assets owned by Russian and Belarusian individuals and companies worth nearly €30 billion.

More than half the EU member states have enforced EU sanctions by freezing boats, helicopters, real estate and artwork. They have also blocked transactions of €196 billion.

Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union,  said: “Sanctions are crucial for imposing economic pain on Putin’s regime and those complicit in the war . . . but implementation is essential for sanctions to be effective on the ground.”

EU Commissioner for Justice Didier Reynders highlighted the need to immobilize Russia’s war effort through effective enforcement of sanctions:

In light of the atrocities committed by the Russian army, it is more urgent than ever to strengthen our cooperation within the EU and with our international partners, including the U.S. and Ukraine, and step up our efforts to stop the financing of the Kremlin’s war machine. But let me remind you that adopting sanctions is not enough. It is also important to track our progress and enforce our sanctions policy in practice.

The “freeze and seize” task force was set up in March 2022 to coordinate the implementation of the EU’s sanctions which include temporarily freezing all assets belonging to or controlled by listed Russian and Belarusian listed individuals and companies.  The task force must also investigate any links between assets belonging to persons listed under EU sanctions and criminal activities. Through the task force, members can explore whether the listed entities have been involved in any criminal proceedings or whether any changes to EU legislation on sanctions and confiscation need to be considered.

The task force has been coordinating efforts with the US. Head of US KleptoCapture Task Force Andrew Adams, Deputy Assistant Attorney General, and Counselor for International Affairs at the US Department of Justice, Bruce Swartz, as well as representatives of the Ukrainian authorities will be joining the task force’s meetings this week.