US Treasury Department: West has blocked Russian assets worth $280 billion

(Patria) - The REPO (Russian Elites, Proxies, and Oligarchs) Task Force, established to search for and freeze assets related to Russia, estimates the total value of sovereign Russian assets blocked by the West at $280 billion, Tass reports.

"The total value of assets... is estimated at around $280 billion, most of which is held in the European Union," the US Treasury Department said in a statement.

According to the document, the task force has completed its "initial effort to map and account for Russian sovereign assets that have been immobilized and are held in REPO member jurisdictions".

"REPO members have committed to taking steps to fully map these holdings and ensure that... Russian sovereign assets held in REPO member jurisdictions remain immobilized until Russia pays for the damage it has caused to Ukraine," the statement said.

Participants in the meeting also discussed "ongoing efforts to counter sanctions evasion and disrupt Russian efforts to acquire critical dual-use technologies".

REPO is a multilateral Western body tasked with searching for and seizing assets related to Russia in accordance with sanctions. The group consists of the Ministers of Justice and Treasury of the United States and officials from Australia, the United Kingdom, Germany, Italy, Canada, France, Japan, and the European Commission.