Switzerland preliminarily blocks additional $1.5 billion in Russian-linked assets

The value of Russian-linked assets frozen by Swiss authorities as part of ongoing sanctions has increased by 1.3 billion Swiss francs ($1.5 billion) since April, according to Report, which cites the Swiss State Secretariat for Economic Affairs (SECO).

As of August 13, 2024, Switzerland has blocked financial assets worth 7.1 billion Swiss francs, along with 17 real estate properties, luxury cars, sports vehicles, artworks, furniture, and assets belonging to sanctioned individuals, companies, and organizations. Of this total, 1.3 billion Swiss francs are currently frozen on a preliminary basis.

SECO noted that in some cases, assets are blocked as a precautionary measure, and restrictions may be lifted after thorough investigation of the circumstances.

In April, the value of frozen Russian assets in Switzerland was reported by SECO to be 5.8 billion francs (approximately $6.7 billion).