Switzerland Blocks Assad Assets

Switzerland announced on Friday that it is tightening its freeze on the assets of former Syrian president Bashar al-Assad and his inner circle to prevent any unlawful fund transfers.

In a statement, the Swiss government emphasized its commitment to ensuring that "no funds of the former al-Assad government can flow out of Switzerland, regardless of developments in the area of sanctions."

The move comes months after the opposition-led offensive ousted al-Assad in December, ending his family’s decades-long rule over Syria.

His downfall marked the culmination of a devastating civil war that claimed over half a million lives and displaced millions.

Switzerland first imposed sanctions on Syria in 2011, aligning with the European Union’s asset-freezing measures.

Currently, around 99 million Swiss francs ($112.5 million) remain frozen in Swiss banks, with two-thirds of the funds linked to al-Assad’s former government and associates.

In a further step, Swiss authorities are extending freezing measures on assets potentially acquired illicitly.

This ensures the funds remain inaccessible even if international sanctions evolve. Additionally, the new restrictions target five more individuals with close ties to the former Syrian regime.

To prevent the unlawful movement of these assets, Switzerland has pledged judicial scrutiny.

the government stated that If future criminal investigations confirm the illicit origin of these funds, the country will seek to return them in a way that benefits the Syrian people.

Switzerland’s move contrasts with recent international developments. Last month, the EU eased sanctions on Syria’s energy, banking, and transport sectors to support post-war reconstruction. On Thursday, Britain lifted sanctions on 24 Syrian entities, including the country’s central bank.