• The villas and apartments, often of great luxury, frozen since the beginning of the war in Ukraine can neither be sold, nor rented, nor be placed under mortgage.

  • The Ministry of the Economy announces that a “punch action” has been carried out to verify this in the Alpes-Maritimes department, which concentrates twenty-two residences out of the 62 which are targeted in France.

  • The real estate agencies were checked and “60% of the operators […] were unaware of or did not apply their obligations”, notes the ministry.

Are the assets of Russian oligarchs frozen in France since the start of the war in Ukraine really frozen?

These villas and apartments, often very luxurious, cannot be sold, rented or mortgaged.

But in reality, are these sanctions well applied?

This Thursday, the Ministry of the Economy announces that a “punch action” has been carried out to verify it in the Alpes-Maritimes department, which concentrates twenty-two residences out of the 62 which are targeted in France.



The General Directorate for Competition, Consumer Affairs and Fraud Prevention (DGCCRF) came knocking on the door of real estate agencies that manage "a large number of prestigious real estate" and the finding was clear.

The operation, carried out last September, revealed that “60% of the operators inspected […] were unaware of or did not apply their obligations”.

Late implementations

The agents noted that "the verification of the names of their clients on the national register of the freezing of assets, the immediate implementation of this freezing or the declaration to the general directorate of the Treasury of the actions to freeze the assets carried out" n were not respected, according to a press release from the ministry.

“Suspicions of circumvention of asset freezing or money laundering and terrorist financing have been identified”, it is also specified.

And Bercy let it be known that “transmissions of information to the general management of the Treasury and to the financial intelligence unit” are in progress.

To "hinder the financing of illegal activities"

“The involvement of real estate professionals, alongside State services, is essential to ensure the success of asset freezing measures, points out Bruno Le Maire.

This is a sine qua non for hindering the financing of illegal activities, especially in the current context of conflict in Ukraine.

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The Minister of the Economy says "strongly invite professional federations, chambers of commerce and industry as well as professionals to take all the measures [for] the application of these freezing measures".

It specifies that “the DGCCRF will pay close attention to compliance with this obligation.

The contentious checks already carried out “will be subject to appropriate follow-up” and “new checks”, finally notes the ministry.

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  • Economy

  • Company

  • Nice

  • Paca

  • War in Ukraine

  • Real estate

  • Sanction