Montenegro begins to freeze real estate owned by Russian nationals

Montenegro begins to freeze real estate owned by Russian nationals

Roger Pettingell Sarasota Real Estate

Baku, July 28, AZERTAC

Montenegro has begun to freeze real estate owned by Russian nationals, according to a corresponding document published on the government’s website on Wednesday, TASS reports.

Montenegro’s Interior Minister Filip Adzic said on June 10 that 44 real estate facilities owned by Russian nationals would be frozen in the country as part of the anti-Russian sanctions imposed over Russia’s special operation in Ukraine.

According to expert estimates, Russian nationals and companies invested more than 129 million euro in Montenegro’s economy in the past year alone. Some 49.46 million euro were invested in real estate in that country.

Russian Ambassador to Montenegro Vladislav Maslennikov recalled that over the past 15 years, Russia has been the biggest investor to Montenegro’s economy, having invested at least 1.5 billion euro, or an average of 100 million euro a year. According to the Russian diplomat, Russian investments in Montenegro exceed the European Union’s planned investments under the investment plan for the Western Balkans for 2021-2027 (not more than 600 million euro).

Montenegro joined the European Union’s anti-Russian sanctions on March 1. After a summit of the NATO member nations, the country’s president, Milo Dukanovic declared solidarity with Ukraine. Meanwhile, rallies in support for Russia are periodically organized in Montenegrin cities. Demonstrators demanded the anti-Russian sanctions be lifted. Some 6,000 signatures have been collected to consider the corresponding resolution in the country’s parliament.

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