Switzerland reveals amount of frozen Russian assets
Photo: Switzerland froze Russian assets worth CHF 5.8 billion (Getty Images)
As of December 31, 2023, the value of financial assets frozen due to sanctions against Russia amounted to CHF 5.8 billion (USD 6.4 billion). In addition, 17 real estate properties have been blocked, reports the government department responsible for compliance with sanctions (SECO).
The latest data show that the value of frozen financial assets fell by CHF 1.7 billion compared to December 2022. The decline is attributed to the loss of value of some blocked assets, in particular securities related to Russia, as a result of international sanctions.
Over the past year, SECO has frozen another CHF 580 million in financial assets following its own investigations and detailed explanations from banks. It has also blocked two more real estate properties in Switzerland. In addition to the 17 properties currently frozen, other assets such as sports and luxury cars, works of art, furniture, and musical instruments belonging to individuals and entities under sanctions in Switzerland have also been blocked.
However, assets worth CHF 140 million, which were previously blocked as a precautionary measure, were unblocked after further investigation showed that the legal requirements for freezing them had not been met.
In addition, the assets of the Central Bank of the Russian Federation worth about CHF 7.24 billion are located in Switzerland. Since March 25, 2022, the reserves and assets of the Central Bank of the Russian Federation have been immobilized, i.e. all operations related to their management are prohibited.
Swiss sanctions
In response to Russia's military aggression against Ukraine on February 28, 2022, Switzerland adopted EU sanctions against Russia, thereby strengthening their impact.
In March, the Swiss Attorney General launched the first criminal investigation into sanctions violations against Russia by an unnamed company. These actions mark a turning point for sanctions enforcement in Switzerland.
Before this, Switzerland refused to participate along with the G7 countries in an international task force to trace the assets of Russian oligarchs.
