Switzerland's economy ministry said it froze $8 billion of Russian assets out of $50 billion stored in Swiss deposits
The Swiss economy ministry announced on Thursday that it had frozen $7.94 billion (7.5 billion Swiss francs) worth of Russian assets as of November 25, 2022. This is apart from 15 properties belonging to Russia's sanctioned legal entities and individuals.
The State Secretariat for Economic Affairs (SECO) has also revealed data on the amount of deposits declared by Russians.
“The sanctioned amount is only a fraction of all Russian assets in Switzerland,” Erwin Bollinger, SECO’s head of bilateral economic relations, told Bloomberg.
According to the report, a total of 123 Russian citizens or entities reported 7,548 “business relationships” to the body, accounting for $48.8 billion (46.1 billion francs) in assets.
“The frozen amounts can increase if, for example, new persons are added to the list or if new assets are identified,” the statement reads, adding that “they can fall if assets that were frozen as a precautionary measure have to be released again once clarifications have been completed.”
Switzerland joined EU countries in imposing several rounds of anti-Russia sanctions over Moscow’s military operation in Ukraine. In August, Bern froze assets belonging to Russia’s Sberbank and banned trade in gold products with Moscow. In March, the Kremlin put Switzerland on a list of hostile countries, which includes EU members and other states.
In October, Fabian Maienfisch, a spokesman for the Swiss Federal Department of Economic Affairs, Education and Research, said that Switzerland didn’t support Ukrainian President Vladimir Zelensky’s request to hand over frozen Russian assets to Kiev.
Both the EU and US authorities are currently working on confiscating Russian assets frozen by the Ukraine-related sanctions, trying to find ways to make the seizures legal.
“The sanctioned amount is only a fraction of all Russian assets in Switzerland,” Erwin Bollinger, SECO’s head of bilateral economic relations, told Bloomberg.
According to the report, a total of 123 Russian citizens or entities reported 7,548 “business relationships” to the body, accounting for $48.8 billion (46.1 billion francs) in assets.
“The frozen amounts can increase if, for example, new persons are added to the list or if new assets are identified,” the statement reads, adding that “they can fall if assets that were frozen as a precautionary measure have to be released again once clarifications have been completed.”
Switzerland joined EU countries in imposing several rounds of anti-Russia sanctions over Moscow’s military operation in Ukraine. In August, Bern froze assets belonging to Russia’s Sberbank and banned trade in gold products with Moscow. In March, the Kremlin put Switzerland on a list of hostile countries, which includes EU members and other states.
In October, Fabian Maienfisch, a spokesman for the Swiss Federal Department of Economic Affairs, Education and Research, said that Switzerland didn’t support Ukrainian President Vladimir Zelensky’s request to hand over frozen Russian assets to Kiev.
Both the EU and US authorities are currently working on confiscating Russian assets frozen by the Ukraine-related sanctions, trying to find ways to make the seizures legal.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.