Espreso. Global

Switzerland freezes Russian financial assets worth about USD 8.81 billion

1 December, 2023 Friday
16:39

On 1 December, the Swiss government announced that it had frozen Russian financial assets worth about 7.7 billion Swiss francs (USD 8.81 billion) in accordance with sanctions against Russia

This is reported by Reuters.

The State Secretariat for Economic Affairs (SECO), the agency overseeing the sanctions, said the CHF 7.7 billion (USD 8.81 billion) figure was only its latest estimate and is subject to change.

By the end of the second quarter of 2024, when Swiss banks report to the government, a new number of sanctioned Russian nationals is expected to be disclosed, as well as court cases to freeze or unblock additional assets.

The increase in frozen assets is due to an increase of 300 people and 100 companies and organisations that have been added to the sanctions list over the past 12 months. It also includes estimated profits from cash deposits, bonds, shares, as well as property and cars.

Switzerland has also blocked the movement of 7.4 billion francs (USD 8.2 billion) worth of foreign currency assets belonging to the Russian central bank.

SECO declined to comment on which individuals' assets were frozen.

However, the Swiss Bankers' Association estimates that 150 billion francs belonging to Russians are held in Swiss banks.

  • Switzerland has joined the 11th package of EU sanctions against Russia. The new restrictions include a ban on exports of dual-use goods.
Tags:
Read also:
  • News
2024, Thursday
29 February
10:10
Ukrainian Armed Forces strike Russian troop concentration in Olenivka
09:50
Turkey and China are likely to create negotiating platforms for war in Ukraine — ISW
09:30
Ukrainian Air Force destroys Russian Su-34 aircraft in the East
2024, Wednesday
28 February
22:00
Review
Victorious news of 735th day of war: Ukrainian army destroys 6 Russian dugouts on Dnipro's left bank, Netherlands order 9 DITA howitzers for Ukraine
21:45
Russian army tries to break through Ukrainian defense 25 times in Novopavlivka sector
21:32
Exclusive
One machine can fire about 1,000 shells per day: Ukrainian artilleryman on fighting at front
21:14
February 2024 is first month when number of Russian troops in Ukraine decreases
20:55
France adapts MiG-29, Su-24M to AASM Hammer, but doesn't give Ukraine Mirage 2000D yet
20:33
OPINION
Europe will hold 'security umbrella' instead of United States
20:15
Exclusive
Netherlands orders latest DITA howitzers for Ukraine: when will AFU get them?
19:55
Daily Mail publishes video of Ukrainian drone allegedly filming UFO in war zone
19:34
Budanov threatens peaceful Crimeans: Russia spreads new fake
19:10
Russia bombs train station in Kharkiv region, killing man and 6-year-old child
18:51
Ukraine opens 19 criminal cases over Russia's executions of 45 Ukrainian POWs
18:30
Ukraine receives $760mln from Japan and Norway: what funds will be used for
18:09
Poland and Ukraine may 'temporarily' close border for trade - PM Tusk
18:05
Updated
Transnistria asks Russia for help due to Moldova's 'economic blockade'. Chisinau, Kyiv, Moscow react
17:50
Exclusive
Russia seeks control over railroad: Ukrainian colonel on Russia's army plans
17:30
OPINION
Trump delays Ukraine aid, aims to cast himself as "savior". Vitaly Portnikov's column
17:10
Exclusive
Russia tests S-500 air defense system that allegedly shoots down "hypersonics" — military expert Zgurets
16:50
Updated
Russian army drops bombs on center of Kupyansk, causing casualties
16:30
Interview
Ukraine-Poland relations, Trump's electorate and Putin's interview with Carlson. Espreso's conversation with political scientist Mahda
16:10
Exclusive
Kremlin has no opportunities to destabilize situation in Moldova - diplomat
15:30
Exclusive
February 21-28 live war map: Avdiivka occupation consequences and struggle for air supremacy
15:10
Updated
Ukraine and Albania signed Treaty of Friendship and Cooperation
14:50
40 US biolabs operate in Ukraine: another Russian fake spread online
14:30
OPINION
Don't expect NATO legions in Ukraine
14:10
Ukraine identifies Russian servicemen killed man during occupation of Kharkiv region
13:50
Exclusive
Ukrainian military anticipates Russian advance towards Horlivka
13:30
Ukraine will not have initiative at front for months — UK armed forces chief
13:10
Review
Creating missile coalition and new Russian offensive possibility. Serhiy Zgurets's column
12:50
Exclusive
Forced voting at gunpoint: Nova Kakhovka Mayor condemns Russian pseudo-elections in occupied Ukrainian territories
12:30
Russia conducts nuclear weapons drills, prepares for potential conflict with China - FT
11:50
Lithuania to check 18 thousand Belarusians who arrived in country by 2022
11:30
Exclusive
Russian troops have fewer possibilities for assault operations in Krynky – Operational Command South
11:10
What is Macron wrong about?: Ukraine's ambassador on statement about sending Western troops to war
10:50
Chinese special representative embarks on diplomatic mission for "Ukrainian crisis resolution"
10:30
Russia loses two planes, 14 tanks and 1,060 soldiers per day - General Staff
10:05
Russian attack on Zaporizhzhia region kills one person, wounds another
09:40
Russia does not stop offensive near Avdiivka to completely exhaust Ukrainian forces - ISW
More news