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Portugal: Central Bank instructs to freeze accounts and other resources of Russian oligarchs

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The Portuguese central bank announced on Monday that it had instructed the Iberian country’s financial institutions to freeze any accounts and other resources of individuals and entities that are being targeted by European and international sanctions against Russia over the war in Ukraine.

The West is making moves to hit Russia’s economy and isolate its financial system by imposing sanctions on, among others, Russia’s central bank and wealthy oligarchs who have gained political influence in the days of President Vladimir Putin.

The Bank of Portugal, run by former Finance Minister Mario Senteno, said a “very small” number of accounts and other resources of people targeted by sanctions had been identified, noting that the valuation was still ongoing.

He refrained from specifying exactly how many of these natural and legal persons there are, or who they are. He assured, however, that the Portuguese central credit institution is in constant contact with the government on this issue.

The Bank of Portugal clarified that it has instructed the country’s banks to start freezing these resources from February 25 and to closely monitor the list of natural and legal persons in the target of sanctions so that they can act immediately when new ones are added.

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