According to estimates by the Swiss Bankers Association, the assets of Russians frozen on December 1 constitute only part of the total wealth owned by Russian citizens in Switzerland.
Switzerland has frozen financial assets belonging to Russians amounting to about 7.7 billion Swiss francs ($8.81 billion). The country’s government announced this on Friday, December 1, as part of sanctions designed to punish the Russian Federation for its invasion of Ukraine, writes Reuters.
At the same time, as the agency notes, the Swiss State Secretariat for Economic Affairs (SECO), which controls sanctions, stated that the announced figure is not final and may be changed.
“A more accurate figure is expected by the end of the second quarter of 2024, when Swiss banks report to the government,” the publication clarified.
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As analysts emphasize, the increase in frozen assets is due to the expansion of the anti-Russian sanctions list over the past 12 months by 300 people and 100 companies and organizations.
“It also includes estimated profits from cash deposits, bonds, stocks, as well as real estate and luxury cars,” Reuters notes, adding that SECO declined to comment on which individuals had their assets frozen.
In addition, Bern also blocked the movement of 7.4 billion francs in foreign exchange assets owned by the Russian central bank.
Switzerland and Ukraine
Swiss President Alain Berset promised greater support for Ukraine during a recent visit to Ukraine and discussed using profits from frozen Russian assets to help rebuild the country.
According to the agency, the assets frozen on December 1 constitute only part of the total wealth owned by Russians in Switzerland. The Swiss Bankers Association estimates that 150 billion francs are deposited in the country’s banks.
The European Commission is also working on a proposal to pool some of the profits made from frozen Russian state assets to help Ukraine and its post-war reconstruction.
“Switzerland is taking part in the discussions, but has not yet decided whether to support this proposal,” Reuters clarifies.
However, Swiss support had its limitations: the country rejected requests from other countries to allow the shipment of Swiss weapons and ammunition to Ukraine, citing the country’s neutrality laws.
“Optimistic forecast”: Macron is negotiating with Switzerland on the re-export of weapons for the Armed Forces of Ukraine
We remind you that November 17 Focus wrote that France is negotiating with Switzerland on the re-export of weapons for the Ukrainian Armed Forces. According to the French President, Ukraine should not weaken, despite other conflicts, particularly in the Middle East, so a decision was made to negotiate with the Swiss authorities.