Over $8B of Russian central bank assets frozen in Switzerland – Bern

INQUIRER FILE PHOTO

GENEVA, Switzerland — The value of Russian assets frozen in Switzerland since the start of Moscow’s full-scale invasion of Ukraine has risen by nearly $2 billion in the past year to over $8 billion, the government said Tuesday.

Traditionally neutral Switzerland decided four days after Russia invaded Ukraine on February 24, 2022, to align itself with the neighboring European Union’s sanctions against Moscow, obliging banks to pass on information on clients or firms targeted.

As of March 31, the Russian assets frozen in the wealthy Alpine nation were valued at 7.4 billion francs ($8.4 billion), the State Secretariat for Economic Affairs (SECO) said in a statement.

That represents a hike of 1.6 billion francs ($1.8 billion) compared to a year ago, it said, adding that the increase was due to the fact that additional assets had been identified and frozen.

Not just money

In addition, “14 real estate assets belonging to individuals, companies, or entities subject to sanctions” have been identified, it said.

READ: Putin says freezing of Russian assets in West is ‘theft’

Sports and luxury cars, aircraft, artworks, furniture, and instruments belonging to individuals, companies, or entities subject to sanctions also remain frozen in Switzerland, it added.

The sanctions against Russia also include several measures in the financial, trade and energy sectors, as well as various restrictions in the services and air transport sectors.

SECO stressed that the sanctions imposed by Switzerland were “identical” to those imposed by the EU.

Last week, European countries agreed at a summit in Paris to ramp up sanctions on Russia.