Switzerland has frozen all russian assets in the country

Switzerland has blocked 13 billion francs ($14.3 billion) of russian assets in the country.

In 2023, the Swiss authorities froze another 580 million francs in financial assets and two more real estate properties, the State Secretariat for Economic Affairs (SECO) said on Tuesday. A total of 17 properties have been frozen, as well as luxury cars, artwork and furniture.

The total value of frozen private assets as of the end of 2023 amounted to 5.8 billion francs, SECO said. This decrease compared to 2022 reflects a loss in value. The central bank's frozen assets amounted to 7.24 billion francs.

When asked during a press conference whether all russian assets that should be blocked under current legislation have been frozen, Simon Plus, head of SECO's sanctions department, replied: "I can hardly imagine that there will be any more major changes. The bulk of the blocked assets have been frozen for two years now."

Source: Bloomberg