On Friday morning, the director general of the Commission for Financial Regulation (CSSF) was a guest on RTL Radio to discuss the sanctions imposed on Russian institutions in the world.
While the Luxembourgish accounts of Russian oligarchs will also be blocked, Claude Marx, the director general of the CSFF, was not able to give an exact figure of the accounts concerned in an interview with RTL on Friday morning.
According to Marx, Russian banks established in Luxembourg will not be targeted by the sanctions. He explained that the impact of the sanctions on Russia will be “relatively limited” for Luxembourg. With four billion euros and one percent of all financial fund activities in the Grand Duchy, Russian assets do not represent too large a quantity, he explained.
"The CSSF will conduct regular tests in the coming days to determine whether banks are sticking to the sanctions," Marx warned.
Luxembourg-based banks working with cryptocurrencies must also comply with these measures. The head of the CSSF stressed that no cyberattack on a financial centre has been recorded so far, but this kind of threat represents one of the biggest dangers for the sector.
