Czech Republic to freeze all Russia’s real estate assets

The Czech Republic has added the Federal State Unitary “Enterprise for Property Management Abroad,” which manages Russia’s state-owned real estate assets abroad, to the national sanctions list, the Czech news agency CTK reported.

Czech Foreign Affairs Minister Jan Lipavský said that all the organization’s assets located on the territory of the Czech Republic will be frozen and any commercial activity carried out by the company, including leasing real estate properties, will be illegal.

Lipavský clarified that the government’s decision to freeze the Russian state assets in the Czech Republic would not apply to the Russian embassy’s properties, which are used for diplomatic activities. He added that individuals and companies who are already leasing this real estate can continue to use it, but the rent payment will be deposited into an account that Russia will not be able to access.