The Swiss government says announced the freezing of an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets linked to Russians as part of sanctions imposed in response to Moscow’s invasion of Ukraine. This provisional figure marks a slight increase from the 7.5 billion francs frozen last year following Switzerland’s adoption of European Union sanctions.
The State Secretariat for Economic Affairs (SECO), responsible for overseeing sanctions, emphasized that the 7.7 billion francs estimate is subject to change due to dynamic factors like additions or removals from the sanctions list and ongoing legal proceedings. A more accurate figure is anticipated by the end of the second quarter of 2024 when Swiss banks report to the government.
The surge in frozen assets is attributed to the addition of 300 individuals and 100 companies and organizations to the sanctions list over the past year. It encompasses estimated profits from cash deposits, bonds, shares, properties, and luxury cars. Additionally, Switzerland has halted the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank.
SECO did not disclose details about specific individuals affected by the asset freezes. Despite the substantial frozen assets, they represent only a fraction of the total wealth held by Russians in Switzerland, with Swiss banks estimated to hold 150 billion francs, according to the Swiss Bankers Association.
During a recent visit to Ukraine, President Alain Berset pledged increased support and discussed the possibility of using profits from frozen Russian assets to aid in the country’s reconstruction. While Switzerland is participating in discussions led by the European Commission on pooling frozen assets’ profits to support Ukraine’s post-war reconstruction, a decision on support has not been finalized.
Switzerland, however, maintains limitations on its support, rejecting requests from other nations to send Swiss-made weaponry and ammunition to Ukraine, citing the country’s commitment to neutrality laws.
