Switzerland Blocks More Than $14 Billion of Russian Assets

Geneva.

(Bloomberg) — Switzerland has blocked 13 billion francs ($14.3 billion) in Russian assets held in the country, including more than 7 billion francs in reserves and assets of Russia’s central bank.

In 2023, Swiss authorities froze a further 580 million francs in financial assets and two more properties, following its own investigations and detailed clarifications by banks, the State Secretariat of Economic Affairs, or SECO, said Tuesday. In total, it’s frozen 17 properties as well as luxury cars, works of art and furniture.

Switzerland’s decision to adopt European Union sanctions against Russia after its invasion of Ukraine was a dramatic break with its traditional neutrality. While it’s faced pressure internationally to do even more, even going this far has proved controversial at home.

Activists have gathered enough signatures to hold a popular vote on Switzerland’s neutrality. They want to enshrine the position into the constitution and block participation in non-military coercive measures, which would include the sanctions.

The total value of private assets frozen as of the end of 2023 was 5.8 billion francs, SECO said. That’s a decline from 2022 and reflects valuation losses. The central bank assets frozen amount to 7.24 billion francs.

SECO said in a statement that the “obligation to report these reserves and assets on a quarterly basis will remain in place.”

Asked during a press conference if all Russian assets that should be blocked under current law have now been found, Simon Pluess, SECO’s head of sanctions said: “I can hardly imagine that there will be any more major changes. The bulk of the blocked assets have actually already been immobilized for two years.”

(Updates with additional comment from SECO on assets)

Most Read from Bloomberg

©2024 Bloomberg L.P.