Switzerland has blocked 13 billion Swiss francs ($14.2 billion) in Russian assets held in the country. This includes more than 7 billion francs of reserves and assets of the central bank of Russia.
How many Russian assets has Switzerland blocked?
In 2023, Switzerland took additional measures, freezing another 580 million francs in financial assets and private property.
These actions resulted from investigations and clarifications carried out by Swiss banks.
A total of 17 properties have been frozen so far, including luxury cars, artwork and furniture.
As of the end of 2023, the total amount of frozen private assets was 5.8 billion francs, which is 7.24 billion francs less than in 2022. The frozen assets of the central bank remain at the level of 7.24 billion francs.
The head of SECO's sanctions department believes that almost all Russian assets subject to freezing under current law have already been identified. He expects that significant changes in this amount are unlikely.
I can hardly imagine that there will be any more serious changes. The main part of the blocked assets is immobilised for two years.
How many assets of the Russian Federation are frozen in Europe
After the Russian invasion of Ukraine, the European Union froze the assets of the Bank of Russia, located in the bloc, for a total amount of more than €200 billion ($214 billion).
Currently, the Russian Federation cannot use either this money or the interest earned from it.
Most of the frozen assets are in Belgium. The Belgian clearing house Euroclear blocks €180 billion.
Despite constant calls to transfer the frozen funds of the Russian Federation to Ukraine, a number of EU countries oppose the idea of full confiscation. According to the bloc's plan, profits from their placement will go to help Kyiv.
