Switzerland reports a significant decrease in the value of Russian assets frozen under sanctions, as valuations drop.

The value of Russian assets frozen in Switzerland has fallen by CHF 1.7 billion to CHF 5.8 billion. This is due to valuation losses on securities.

At the end of 2023, the value of frozen assets in connection with the sanctions against Russia amounted to CHF 5.8 billion, the State Secretariat for Economic Affairs (SECO) announced at a media briefing on Tuesday. This corresponds to a decrease of CHF 1.7 billion compared to the figures communicated in December 2022.

According to Seco, assets worth CHF 140 million that had been frozen as a precautionary measure were released. Investigations had shown that the legal requirements for freezing these assets were not met. However, 17 properties in seven cantons have now been frozen.

In response to Russia’s military aggression in Ukraine, the Federal Council decided in February 2022 to adopt the EU’s sanctions.

©Keystone/SDA