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Russian assets seized by Switzerland rise slightly

Children in a bombarded Ukrainian street
Switzerland has adopted European Union sanctions against Russia since its invasion of Ukraine. Keystone / Roman Pilipey

Switzerland has frozen an estimated CHF7.7 billion ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine.

The figure, a provisional estimate, represented a slight increase from the CHF7.5 billion the Swiss government said it had blocked last year after the neutral country adopted European Union sanctions.

+ Read about the impact of Russian sanctions on Swiss banks

The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the CHF7.7 billion figure was only its latest estimate and was subject to change.

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.

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

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