Revealing the amount of Russian money "lying idle" in Switzerland; Bern confirms participation in sanctions against Moscow and Belarus with the EU

On December 23, Antje Bertschi, head of information at the Swiss State Secretariat for Economic Affairs (SECO), said that as of August 2024, about $7.9 billion in Russian private assets had been frozen in Switzerland.

Switzerland continues to sanction Russia and Belarus. (Source: Shutterstock)

Here is the latest update on Switzerland's blockade against Russia.

In the announcement, Mr. Bertschi stated: “As of August 13 this year, Switzerland has frozen 7.1 billion francs in financial assets, 17 real estate properties, as well as sports and luxury cars, works of art, furniture and tools owned by sanctioned individuals, companies and organizations.”

About $1.45 billion of the $7.9 billion in private assets were frozen without any discussion with the owners, according to the announcement.

Bern, however, did not say how many assets were frozen in connection with the sanctions against Belarus.

* Earlier the same day, the Swiss Federal Council said the country had joined the European Union's (EU) latest sanctions package against Russia and Belarus.

The move comes a week after the European Union (EU) targeted Moscow's ship models and Chinese entities found to have done business with the Russian military.

According to the announcement, the Swiss government has listed 54 individuals, 30 companies and organizations on the asset freeze list and banned 52 ships from providing services.

“These are mainly tankers belonging to Moscow’s submarine fleet and are circumventing price ceilings on crude oil, petroleum products or transporting military cargo for Russia or stolen grain from Ukraine,” the statement said.

Sanctioned individuals will be banned from entering Switzerland.

In line with EU policy, Bern also imposed financial and travel sanctions on 26 individuals and two entities from Belarus.

Source: https://baoquocte.vn/tiet-lo-so-tien-nga-nam-bat-dong-tai-thuy-sy-bern-xac-nhan-tham-gia-trung-phat-moscow-va-belarus-cung-eu-298507.html