Nearly €50bn Of Russian Assets Controlled From Ireland

The Central Bank has identified nearly €50bn in direct financial links between Irish economic sectors and Russian entities after the EU moved to freeze Russian-owned assets within its borders as Russia's assault on Ukraine continues to escalate.

A CSO analysis discloses that the Cental Bank has identified the bulk of the €49.8bn worth of Russian assets at the end of 2021 were held by special purpose entities (SPEs), which it defines as a legal entity created to fulfil narrow, specific or temporary objectives.

SPEs held some €37.1bn in Russian-issued assets, primarily loans issued to Russian companies from the SPE, and there were 33 Russian-sponsored SPEs identified with total assets of €35.5bn, accounting for 8% of the non-securitisation SPE sector.

Source: BusinessPlus