The money will be poured into compensation for damage caused by the dam collapse, Veja magazine specified.
The freezing of the money was initiated by the Minas Gerais Prosecutor's Office.
In addition to this, Brazilian Institute of the Environment and Renewable Natural Resources has punished Vale with a fine of $66 million.
READ MORE: Confirmed Death Toll From Dam Collapse in Brazil Rises to 34 — Reports
On Friday morning, the dam collapsed in Minas Gerais's Brumadinho municipality, triggering heavy mud floods that caused multiple fatalities and injuries. Over 200 people have gone missing due to the incident.