Switzerland freezes $8.8B of Russian assets

Switzerland freezes $8.8B of Russian assets

Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, under sanctions designed to punish Moscow for its invasion of Ukraine.

The Swiss government said this on Friday, Ukrinform reports, citing Reuters.

According to the news story, the figure, a provisional estimate, represented a slight increase from the 7.5 billion francs the Swiss government said it had blocked last year after the neutral country adopted European Union sanctions.

The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the 7.7 billion francs figure was only its latest estimate and was subject to change.

Read also: Ukraine adds Belgian gas company Fluxys to list of war sponsors

A more accurate figure is expected by the end of the second quarter 2024 when the Swiss banks report to the government.

It was difficult to give a precise figure due to new people being added or removed from the sanctions list, as well as legal cases to freeze or unlock further assets.

In 2022, the Swiss authorities blocked about 7.5 billion Swiss francs ($8.03 billion) in Russian assets, in connection with the EU sanctions imposed over Russia's war in Ukraine.

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