Switzerland freezes over $14 billion of Russian assets

Bloomberg writes about it. 

According to the State Secretariat of Economic Affairs (SECO), Switzerland has frozen 13 billion francs ($14.3 billion) in Russian assets, including over 7 billion francs in reserves and assets of Russia’s central bank. Additionally, in 2023, Swiss authorities froze an additional 580 million francs in financial assets and two properties, bringing the total number of frozen properties to 17.

The move to adopt EU sanctions following Russia's invasion of Ukraine represents a significant departure from Switzerland's traditional neutrality. 

However, this decision has faced criticism domestically, with activists gathering signatures to hold a popular vote on Switzerland’s neutrality. They aim to enshrine neutrality in the constitution and prevent participation in non-military coercive measures, including sanctions.

The total value of private assets frozen stood at 5.8 billion francs by the end of 2023, reflecting valuation losses, while central bank assets frozen amounted to 7.24 billion francs.

SECO stated that the obligation to report these assets on a quarterly basis remains in place.

When questioned about potential additional asset discoveries, Simon Pluess, SECO's head of sanctions, indicated that major changes were unlikely, as the bulk of the frozen assets had been immobilized for two years.