Luxembourg banks and other financial institutions have frozen almost €4.3bn in assets of sanctioned persons and companies since Russia's February invasion of Ukraine.
The assets include bank deposits and securities of more than 1,100 persons and 90 legal entities identified through Luxembourg's business and companies registers, Luxembourg's finance ministry said in a statement.
"The Luxembourg authorities are cooperating closely with their European counterparts and those of the other [EU] member states, in order to ensure effective implementation of the sanctions and thus prevent any attempts to circumvent them," the statement said.
The Luxembourg Times reported that the estimated value two months ago of frozen Russian assets was €2.5bn, citing how opposition politicians expressed doubt Luxembourg had blocked all wealth Russian oligarchs hold in the country.
A parliamentary committee met with Finance Minister Yuriko Backes on Tuesday to review the Luxembourg's implementation of sanctions and their possible impact on the country's financial sector.
The EU is working to standardize the crime of sanctions evasion across the bloc, and have created a task force to freeze and recover assets of Russian oligarchs.
