Switzerland reports sharp drop in frozen Russian assets

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ZURICH (Reuters) – Switzerland has frozen 5.8 billion francs (5.96 billion euros) worth of Russian assets, the State Secretariat for Economic Affairs (Seco) announced on Tuesday, much less than the figures announced at the end of 2022 which could increase international pressure for Switzerland to further sanction Russia for its invasion of Ukraine.

At the end of 2022, the Swiss government reported an amount of 7.5 billion francs in frozen Russian assets.

This difference of 1.7 billion is explained by “the depreciation of some of the frozen assets”, explained Seco in a press release.

This drop nevertheless risks arousing criticism of the extent of the sanctions imposed by Switzerland on Moscow. The frozen assets represent only a fraction of the 150 billion francs of Russian assets held in 2022 by Swiss banks according to the Swiss Bankers Association.

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In addition to the 5.8 billion francs in frozen assets, 17 real estate properties of individuals, companies or entities were targeted by the sanctions, Seco said.

Sports and luxury cars, works of art, furniture and instruments were also frozen.

(Written by John Revill, Blandine Hénault for the French version)


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