Switzerland's State Secretariat for Economic Affairs (SECO), the agency that oversees the sanctions, said the $8.81 billion figure was only its latest estimate and could be subject to change.
Switzerland reported on blocked assets of sanctioned Russians
On December 1, the Swiss government announced that, by sanctions against the Russian Federation, it had frozen the financial help of Russians in approximately 7.7 billion Swiss francs ($8.81 billion).
As Reuters reports, The State Secretariat for Economic Affairs (SECO), the agency that oversees the sanctions, said the 7.7 billion francs ($8.81 billion) was only its latest estimate and was subject to change.
By the end of the second quarter of 2024, when the Swiss banks will report to the government, it is expected to disclose the new number of Russian citizens subject to sanctions and court cases regarding the freezing or unblocking additional assets.
The increase in frozen assets is known to be associated with an increase of 300 individuals and 100 companies and organizations on the sanctions list over the past 12 months. It also includes estimated returns on cash deposits, bonds, stocks, property, and cars.
Switzerland also blocked the movement of foreign currency assets worth 7.4 billion francs ($8.2 billion) belonging to the Russian central bank.
SECO declined to comment on which individuals had their assets frozen.
However, according to estimates by the Association of Swiss Bankers, 150 billion francs belonging to Russians are stored in the country's banks.
Switzerland to provide a new aid package to Ukraine
Switzerland will transfer more than €100 million of aid to Ukraine. The funds will be used for demining and food.
This became known after the Swiss leader participated in the international summit on food security in Kyiv.
This was announced by the President of Switzerland, Alain Berse, at a joint press conference with the Presidents of Ukraine and Latvia, and the Prime Minister of Lithuania.
We consider humanitarian demining in Ukraine a priority, and this has a direct impact on improving food security. We have decided to allocate a tax package of 100 million Swiss francs (a little more than 103 million euros), he said.
Berse said the funds will be allocated for the next few years.
This will allow us to increase our participation in solving aspects of demining and supply products, as well as contribute to the export of grain from Ukraine, he emphasized.
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