The United States and its allies have blocked or seized more than $58 billion worth of assets owned or controlled by sanctioned Russians in the past year as Western governments ramp up pressure on the Kremlin’s invasion of Ukraine, according to a joint communiqué from a multinational working group for the application of sanctions.
The working group on Russia’s Elites, Proxies and Oligarchs (REPO) held its sixth multilateral meeting of deputies on Thursday morning to discuss the group’s continued work and “redouble” its efforts to punish the president. of Russia, Vladimir Putin, and his allies. The working group is a joint effort between the US, Australia, Canada, Germany, Italy, France, Japan, the UK, and the European Commission.
“REPO will redouble efforts to hold Russia accountable for its unjust war, countering Russian attempts to undermine, circumvent or evade collective sanctions,” according to a joint statement released after the meeting and first obtained by CNN.
“As Russia’s war continues, REPO members remain resolute in their commitment to impose high costs on Russia (for their actions). REPO will continue to identify, locate, and freeze the assets of sanctioned Russians, with the goal of depriving the Kremlin of funds it needs to fight its illegal war.”
The task force, which was formed last March, is also taking additional steps to crack down on sanctions evasion, as the US and its allies work to seal the cracks in a sanctions regime that has weakened but not crippled the Russian economy.