Switzerland has frozen approximately 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians as part of sanctions imposed in response to Moscow’s invasion of Ukraine, according to an announcement by the Swiss government on Friday.
This provisional estimate reflects a slight increase from the 7.5 billion francs frozen in the previous year when Switzerland adopted European Union sanctions.
The State Secretariat for Economic Affairs (SECO), the agency responsible for overseeing sanctions, noted that the 7.7 billion francs figure is a preliminary estimate and is subject to change.
The accuracy of the figure is expected to improve by the end of the second quarter of 2024 when Swiss banks report to the government. The increase in frozen assets is attributed to the addition of 300 individuals, along with 100 companies and organizations, to the sanctions list over the past 12 months.
The estimate includes profits from cash deposits, bonds, shares, as well as properties and luxury cars.
Switzerland has also blocked the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank.
SECO did not provide details on the individuals whose assets have been frozen. However, it’s important to note that the frozen assets 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.
