Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Switzerland Freezes More Than $6.8 Bln in Russian Assets

Mon 11 Jul 2022 | 07:11 PM
Israa Farhan

The State Secretariat for Economic Affairs (SECO) said in a statement that Switzerland has frozen Russian assets worth CHF 6.7 billion ($6.8 billion) and 15 properties in the country.

The statement added that the asset freeze is a small part of the sanctions imposed on Russia.

Previously, Switzerland imposed a ban on the export of luxury goods to boost Russian industry, as well as a ban on the import of goods through which Russia obtains significant income.

In addition, transactions with the Russian Central Bank were banned, and some Russian banks were disconnected from the SWIFT system.

With these sanctions imposed by Switzerland against Russia, in line with the EU sanctions for the launch of the Russian special military operation in Ukraine, Bern has abandoned its long-established position of historical "eternal neutrality".

On the other hand, Ignazio Cassis, the President of the Swiss Confederation announced on July 5 that the country would double financial assistance to Ukraine to reach CHF100 million (about$103 million) by 2023.

Switzerland has taken over all EU sanctions packages against Russia since the invasion of Ukraine on February 24; The most recent was the European ban on imports of Russian crude oil, which was approved by the Swiss government on June 10.