Switzerland has frozen CHF7.5bn in assets under Russia sanctions
Switzerland has so far frozen some CHF7.5 billion ($8 billion) in funds and assets under sanctions against Russians to punish Moscow’s invasion of Ukraine.
These are funds in frozen accounts and properties in four cantons, said Erwin Bollinger, head of the Bilateral Economic Relations Division at the State Secretariat for Economic Affairs (SECO) at a media conference in Bern on Thursday.
“Switzerland has thus frozen more funds than any other country. The Netherlands has blocked CHF500 million, other countries have not provided any information,” he said.
Bollinger said the government intended to continue to apply sanctions decided by the European Union. “The Embargo Act does not provide for autonomous sanctions. Moreover, sanctions are only effective if they are broadly based. Currently, 24 sanctions are in place.”
He referred to an estimate by the Swiss Bankers Association of CHF150-200 billion worth of overall Russian wealth in Swiss banks.
“But not every Russian person is sanctioned. At the moment, just under 900 people are sanctioned. The blocked assets are therefore only a fraction of the assets in Switzerland,” he said.
“As you can imagine, it’s often very complex to determine the effective control [of assets]. Funds are thus in part blocked provisionally by banks. The amounts reported are only a snapshot,” he added.
“The tendency is to block more than would be necessary.”
Ukrainian pressure
Thursday’s report marked an increase from an update two weeks ago, when Bollinger said Switzerland had frozen around CHF5.75 billion worth of Russian assets.
Ukrainian President Volodymyr Zelensky last month heaped pressure on Switzerland – a popular destination for Moscow’s elite and a holding place for Russian wealth – to identify and freeze assets of hundreds of sanctioned Russians more quickly.
Bollinger said Swiss officials had met Ukrainian government representatives on Wednesday to discuss implementation of the sanctions, but he gave no details.
Young undocumented migrants gain easier access to vocational training
This content was published on
Rejected asylum-seekers and young undocumented migrants in Switzerland will have easier access to basic vocational training from June 1.
Migration: Swiss government wants to shorten reunification period for families
This content was published on
Family members of people temporarily admitted to Switzerland should in future be able to join them after two years instead of three.
This content was published on
2023 was a record year for the Rhaetian Railway in several respects. Never before has the narrow-gauge railway in Graubünden, eastern Switzerland, transported so many passengers and cars.
Swiss CFOs much more optimistic despite global uncertainty
This content was published on
The main concerns of business leaders in Switzerland are geopolitical uncertainty and the important trading partners Germany and China.
Record organ donation in Switzerland despite high rejection rates
This content was published on
More organ donations were recorded in Switzerland in 2023 than ever before. This was despite a high rejection rate of 58% by surviving relatives.
This content was published on
Seven years after the death of record-breaking Swiss mountain climber Ueli Steck, his estate is going to the Alpine Museum of Switzerland in Bern.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Ukraine urges Switzerland to clamp down on Russian money
This content was published on
An advisor to Ukrainian President Volodymyr Zelensky says the Swiss should be more proactive in looking for Russian funds hidden in the country.
Ukraine: ‘A shock for the world, a disgrace for Switzerland’
This content was published on
Media are generally critical of the government’s stance on Russia. But some acknowledge it is walking a diplomatic tightrope, with potential benefits.
This content was published on
In some parts of the world, Russia's war in Ukraine has highlighted fault lines that could have a wider impact on global politics.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.