The EU has managed to freeze €13.8 billion worth of funds from Russian oligarchs and entities subject to EU sanctions, EU Justice Commissioner Didier Reynders said Tuesday ahead of a meeting of EU justice ministers in Prague.

“It’s quite huge. But a very large part, more than €12 billion, comes from five member states so we need to continue to convince others to do the same,” the commissioner said.

He added that he expects a final political agreement after the summer on a new legal instrument that would make violating or attempting to circumvent sanctions a criminal offence everywhere in the EU.

The assets were frozen as part of the ‘Freeze and Seize’ Task Force, set up by the European Commission in March. 

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