The sanctions imposed against Russia do not present any systematic risk for Luxembourg's banks, according to the Director General of the Surveillance Commission of the Financial Sector (CSSF).
The job of the CSSF is to check whether these sanctions are respected in the various banks and financial institutions in Luxembourg.
Even if these explanations are rather reassuring for the Luxembourg financial centre, it should however be taken into consideration that the funds invested in securities targeted by sanctions are difficult to trace because they have lost a lot of value. Many are no longer for sale due to the international response to Russia's invasion of Ukraine.
These and other questions will be debated over the following week with the Ministers of Justice and Finance, as well as looking at the future of Luxembourgish companies operating in Russia.
