Swiss freeze on Russian assets dwindles to $6.36b in ’23

The Swiss authorities have reported a year-over-year decrease of 1.7 billion Swiss francs in the value of frozen Russian assets, bringing the total down to 5.8 billion Swiss francs (approximately $6.36 billion), the Swiss State Secretariat for Economic Affairs (SECO) stated on Tuesday.

The decline in asset value is attributed to the decrease in the value of securities amidst anti-Russian sanctions. During the reporting period, the SECO froze an additional 580 million Swiss francs (about $636 million) in financial assets following investigations and detailed clarifications by banks. SECO also blocked two more real estate properties in Switzerland, bringing the total number of frozen properties to 17.

Other blocked assets include sports and luxury vehicles, works of art, furniture, and musical instruments owned by sanctioned individuals and entities in Switzerland.

The statement further clarified that the amount of frozen assets is separate from the reserves and assets of the Central Bank of the Russian Federation held in Switzerland, which are valued at approximately 7.24 billion Swiss francs (about $7.93 billion). Since March 25, 2022, the Russian central bank’s reserves and assets have been immobilised.

The Swiss authorities noted that the value of the Bank of Russia’s assets may fluctuate due to changes in the valuation of frozen securities, bank charges, and exchange rate movements.

The SECO is Switzerland’s governmental centre of expertise for economic policy that includes economic development cooperation. Together with the Swiss Agency for Development and Cooperation (SDC) and the Peace and Human Rights Division (PHRD) of the Federal Department of Foreign Affairs, it is responsible for implementing Switzerland’s international cooperation file.