Switzerland Freezes $14.3 Billion in Russian Assets

Switzerland  frozen 13 billion francs ($14.3 billion) of Russian assets held in the country, including more than 7 billion francs in reserves and assets of the Russian central bank.

The State Secretariat for Economic Affairs (SECO) said on Tuesday that Swiss authorities froze in 2023 an additional 580 million francs of financial assets and two other assets, after their own investigations and detailed explanations provided by the banks. 

In total, 17 properties were frozen, in addition to luxury cars, artwork and furniture.

Switzerland's decision to adopt EU sanctions against Russia after its invasion of Ukraine was a radical departure from its traditional neutrality. While it faces international pressure to do more, going this far has proven controversial at home.

The State Secretariat for Economic Affairs said that the total value of private assets frozen until the end of 2023 amounted to 5.8 billion francs. This is a decrease from 2022 and reflects valuation losses. The central bank's frozen assets amount to 7.24 billion francs.