Switzerland has frozen approximately $8.81 billion in Russian assets

Switzerland has frozen approximately 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians as part of the sanctions.

This was announced by the countryʼs government, as “Reuters” reports.

This number is not final. More accurate data will be announced by the end of the second quarter of 2024, when Swiss banks report to the government.

However, the frozen assets represent only a fraction of the total wealth of Russians in Switzerland. According to estimates by the Association of Swiss Bankers, 150 billion francs belonging to Russians are stored in the countryʼs banks.

During his last visit to Ukraine, President Alain Berse pledged to increase support and discussed using proceeds from frozen Russian assets to help rebuild Ukraine.

The European Commission is working on a proposal on how to spend the profits received from frozen Russian state assets on the reconstruction of Ukraine. Switzerland is participating in the discussion, but has not yet decided whether it will support the proposal.

• Last year, Switzerland froze 7.5 billion francs in Russian assets after it joined the European Unionʼs sanctions against Russia.
• However, Switzerlandʼs neutrality is one of the main principles of the countryʼs foreign policy, which states that it has no right to participate in armed or political conflicts between other states. On March 8, 2023, Switzerland finally did not support the re-export of ammunition to Ukraine.