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Switzerland freezes Russian assets worth $7.95 billion — authorities

SECO oversees blocking foreign deposits in Switzerland and periodically updates its statistics

© СMichael Derrer Fuchs/Shutterstock/Fotodom

GENEVA, December 1. /TASS/. Switzerland has frozen Russian assets worth 7.5 billion Swiss francs (about $7.95 billion), the State Secretariat for the Economic Affairs of the country (SECO) announced on Thursday.

"Up until 3 June, the State Secretariat for Economic Affairs (SECO) had been notified of existing deposits held by Russian nationals and natural persons and legal entities in Russia amounting to 46.1 billion Swiss francs. As of 25 November, the total of frozen financial assets amounts to 7.5 billion Swiss francs, 15 properties in 6 cantons are also blocked."

SECO oversees blocking foreign deposits in Switzerland and periodically updates its statistics. The fact that Russian assets worth 7.5 billion Swiss francs were frozen in Switzerland was first announced by SECO in early April. In July, Bern clarified that $6.7 billion and 15 properties were blocked.

According to the agency, "as of 25 November, 7.5 billion Swiss francs in financial assets and 15 properties held by sanctioned natural persons, companies and entities are frozen in Switzerland." Also, "28 notifications were received in connection with measures against Belarus involving 294 business relationships with a total value of 0.4 billion Swiss francs," the agency said.

SECO noted that "the level of frozen assets is not a direct measure of how effectively sanctions are being implemented."

"Moreover, the amount of frozen assets is a snapshot, and the value can fluctuate: the frozen amounts can increase if, for example, new persons are added to the list or if new assets are identified; and they can fall if assets that were frozen as a precautionary measure have to be released again once clarifications have been completed," the agency noted.

Although Switzerland is not an EU member and has a neutral status, it supported the EU sanctions against Russia imposed due to the special military operation in Ukraine. The Russian government approved in March a list of foreign states and territories committing unfriendly acts against Russia, its companies and citizens. The Swiss Confederation is on the list.

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