Switzerland freezes Russian financial assets worth about USD 8.81 billion

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.