Banks and other financial institutions in Luxembourg have frozen Russian assets worth 4.3 billion euros as part of the sanctions, reported from the country’s Ministry of Finance.

The frozen assets include deposits and securities of more than 90 individuals and 1,100 companies subject to sanctions.

Western countries are imposing sanctions in response to the Russian military operation in Ukraine, launched on February 24. The Russian Finance Ministry said in March that about $300 billion of the central bank's gold and foreign exchange reserves had been frozen.

The European Union froze the assets of the Central Bank in the amount of about 23 billion euros ($24.5 billion). The blocking of Russian assets was also reported by Germany, Italy, the Netherlands, and France.

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