Switzerland discloses amount of frozen Russian assets | MENAFN.COM

Sunday, 29 January 2023 09:01 GMT

Switzerland discloses amount of frozen Russian assets


(MENAFN) On Thursday, the Swiss economics ministry revealed that it has frozen $7.94 billion (7.5 billion Swiss francs) in Russian assets as of November 25, 2022. This is in addition to 15 properties owned by sanctioned legal companies and people in Russia.

The State Secretariat for Economic Affairs (SECO) also disclosed information on the quantity of deposits declared by Russians.

“The sanctioned amount is only a fraction of all Russian assets in Switzerland,” Erwin Bollinger, SECO’s head of bilateral economic relations, informed the outlet.

According to the study, 123 Russian people or corporations disclosed 7,548 "business contacts" to the agency, with assets totaling $48.8 billion (46.1 billion francs).

“The frozen amounts can increase if, for example, new persons are added to the list or if new assets are identified,” the statement writes, noting that “they can fall if assets that were frozen as a precautionary measure have to be released again once clarifications have been completed.”

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