DISINFO: Luxembourg's participation in illegal anti-Russian sanctions damages its reputation
SUMMARY
Luxembourg’s participation in illegal EU schemes to freeze Russian assets and confiscate income from them has already undermined the reputation of the Grand Duchy, which is one of the EU’s key financial centres. Confiscation of assets is a blatant violation of the fundamental principles and norms of both international law and that of law of the Grand Duchy of Luxembourg. The consequences of these illegitimate and ill-considered actions have already affected the economic growth rates of Luxembourg, which owes its socio-economic development model and the world's highest living standards (GDP per capita) to its skilfully constructed financial system.
RESPONSE
Recurring pro-Kremlin disinformation narrative about the alleged illegality of the EU sanctions on Russia, and their negative influence on EU member states.
On 23 March 2022, the European Council adopted a decision to freeze the assets of the Central Bank of the Russian Federation in the EU. The decision was taken in response to Russia’s unjustified and unprovoked aggression against Ukraine.
Luxembourg, as well as all other EU Member States, has been implementing EU sanctions against Russia, including measures to freeze and potentially seize assets linked to Russian individuals and entities.
The impact of anti-Russian sanctions on Luxembourg’s economic growth has been relatively limited. Luxembourg's economy is primarily based on financial services, real estate, and high-value industries rather than energy imports or manufacturing.
Read similar disinformation cases claiming that Russian economy thrives despite EU sanctions, that Europe is committing energy suicide without Russia, and that EU faces economic difficulties due to rejection of Russian energy.