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Sanctions against Russian oligarchs are difficult to implement

The European Union wants to freeze the assets of oligarchs close to the Kremlin. The list of sanctioned businessmen is growing. But this will not be easy, as the example of Luxembourg shows: many of the billionaires have financial constructions there that often serve as a link to companies in Cyprus.

As bombs fall on Kyiv, Russian banks, conglomerates, ministers, and oligarchs are being hit by sanctions that seemed unimaginable just a week ago. The European Union’s current list includes 26 individuals and one company. One fact makes the Russian economy particularly vulnerable: more than half of the wealth of Russia’s richest 0.01 percent is located outside the Russian Federation. The European authorities could therefore access it more easily.

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