France has announced it has frozen the assets of 850 million euros ($920 million) of Russian billionaires, after Moscow launched a military operation in Ukraine.
French Finance Minister Bruno Le Maire said the country had frozen 850 million euros in assets of Russian oligarchs.
"We have frozen 150 million euros in personal accounts, lines of credit (of Russian tycoons) in France and French institutions. In addition, we have also frozen 539 million euros in real estate on French territory, corresponding to about 390 properties or apartments. We have confiscated two yachts (worth) 150 million euros," said Mr. Le Maire.
In total, nearly 850 million euros in assets of Russian tycoons have been frozen on French soil," Le Maire said.
The French freeze would prevent Russian oligarchs from selling or making money from those assets.
Mr. Le Maire said that France does not confiscate these properties in the sense that the Paris government becomes the owner of them and can sell them. However, French officials said that the sanctions are having a strong impact on Russia and the administration of President Vladimir Putin.
Since Russia began its military campaign in Ukraine on February 24, Western nations have responded to Moscow with a wide range of tough financial sanctions.
Over the weekend, Russia's central bank said the extent of the sanctions would make macroeconomic forecasting "extremely difficult".
Four days after the campaign began, Moscow raised its key interest rate from 9.5% to 20%, and sanctions have virtually isolated much of Russia's financial sector from the global economy.
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