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Czechia freezes Russian state-run real estate in the country

by Martin Fornusek November 15, 2023 9:31 PM 2 min read
Czech Foreign Minister Jan Lipavsky at the informal meeting of NATO Ministers of foreign affairs on May 15, 2022 in Berlin, Germany. (Janine Schmitz/Photothek via Getty Images)
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Czechia froze real estate under the management of Russia's state agency overseeing state-owned real estate abroad, the Czech Foreign Ministry announced on Nov. 15.

The Goszagransobstvennost agency, subordinate to the Presidential Office, will also be banned from conducting any commercial activities on Czech territory.

It will not be allowed to sell, transfer, or lease the property under the agency's management, Czech officials said.

Revenues from Goszagransobstvennost's activities flow directly into Russia's state budget, the ministry pointed out.

"Commercial activities that Russia uses to finance the murder of Ukrainians end here," Czech Foreign Minister Jan Lipavsky said.

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The agency is also involved in a number of economic activities with Russia's international partners and provides real estate in over 70 countries.

"On the European level, we will advocate for other states to take similar steps," Czech Prime Minister Petr Fiala said.

The latest sanction measure does not include Russia's diplomatic buildings in the country.

This is already the seventh item on the list of Czech sanctions imposed on Russia over its invasion of Ukraine. On Aug. 16, Prague sanctioned Rostislav Zorikov, a son-in-law of Russia's chief missile engineer.

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