Netherlands Unfreezes €560 Million in Russian Assets

Financial institutions in the Netherlands have unfrozen approximately €560 million in Russian assets. According to Telegraaf, citing documents submitted to parliament by Foreign Minister Caspar Veldkamp.

Earlier this year, the Dutch government had indicated that the total amount of frozen Russian assets would be €660 million. However, by July 1, this figure had dropped significantly to just €97.2 million. The unfreezing of funds occurred due to exceptions granted for outstanding payments and the distancing of sanctioned owners from their assets, as detailed in the minister’s documents.

A substantial portion of the unfrozen amount, approximately €430 million, is linked to two Russian companies. According to the documents, one of these companies was able to unfreeze €230 million because it was “formally distanced” from its Russian owner through a specific ownership structure. It has been reported that both companies share the same Russian owner.

The Dutch Ministry of Economic Affairs is currently assessing whether these new ownership mechanisms comply with EU regulations concerning the distancing of owners from their assets.