The value of fixed financial assets decreased by CHF 1.7 billion compared to December 2022.
By the end of 2023, Switzerland has frozen Russian assets worth 5.8 billion Swiss francs ($6.36 billion). This was announced by the State Secretariat for Economic Affairs (SECO), which oversees the sanctions.
However, as mentioned, this amount is less than the 7.5 billion francs frozen at the end of 2022. The decrease is due to the loss of value of some blocked assets, particularly Russia-linked securities, as a result of international sanctions.
Over the past year, SECO has frozen an additional CHF 580 million in financial assets following its own investigations and detailed explanations from banks. He also blocked two other properties in Switzerland.
In addition to the currently frozen 17 properties, other assets have been frozen, such as sports and luxury cars, works of art, furniture and musical instruments owned by individuals and legal entities which is subject to sanctions in Switzerland.
However, CHF140 million worth of assets previously frozen as a precaution were released after further investigation revealed that the legal requirements for freezing them had not been met.
In addition, the assets of the Central Bank of the Russian Federation are located in Switzerland in the amount of approximately 7.24 billion Swiss francs. Since March 25, 2022, the reserves and assets of the Central Bank of the Russian Federation are inactive, that is, all operations related to their management are prohibited.
We remind you that on April 20, the US House of Representatives passed a bill providing for the seizure of fixed assets of the Russian Federation to help Ukraine. We are talking about $8 billion.
Last week, G7 foreign ministers approved a statement following a meeting on the Italian island of Capri. The issue of the transfer of Russian assets to Ukraine was postponed until June at the request of the leaders of the G7 countries.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.