Switzerland freezes nearly $9 billion of Russian funds.

Many wealthy people in Russia often keep their assets in Swiss banks (Photo: AFP).

The Swiss State Secretariat for Economic Affairs (SECO) announced on December 1st that, to date, the country has frozen approximately 7.7 billion Swiss francs (8.8 billion USD) in Russian assets.

This figure represents a slight increase from the 7.5 billion francs that the Swiss government announced last year after the neutral nation implemented European Union (EU) sanctions against Russia. This is due to Switzerland adding 300 individuals and 100 businesses and organizations to its sanctions list in the past 12 months.

However, it is difficult to give an exact figure because Switzerland may add or remove individuals from its sanctions list. A more precise figure is expected to be released in the second quarter of 2024 after Swiss banks report to the government.

These frozen assets are just a fraction of the total assets held by Russians in Switzerland.

Despite its tradition of neutrality, Switzerland has decided to side with other European countries in imposing sanctions on Russia in response to Moscow's military campaign in Ukraine.

During his visit to Ukraine last month, Swiss President Alain Berset pledged further support for Ukraine. He also discussed using the proceeds from frozen Russian assets to help Ukraine rebuild.

The European Commission is considering a proposal to divert some profits from frozen Russian assets to support Ukraine. Switzerland is also involved in these discussions but has not yet decided whether to support it. Switzerland has so far refused to provide military aid to Ukraine on the grounds of neutrality.

Source: https://dantri.com.vn/the-gioi/thuy-si-dong-bang-gan-9-ty-usd-cua-nga-20231202162651848.htm