Switzerland Freezes $8 Billion in Russian Wealth

Switzerland has so far frozen CHF7.5 billion ($8 billion) in funds and assets belonging to Russians as a result of sanctions imposed in response to Moscow’s invasion of Ukraine.

Erwin Bollinger, head of the Bilateral Economic Relations Division at the State Secretariat for Economic Affairs (SECO), has told reporters at a media conference in Bern on Thursday, that the Swiss Bankers Association has estimated the overall Russian wealth in Swiss banks to be CHF150 – 200 billion (est. $160 to 214 billion).

A video of Bollinger’s interview that was published on Argovia Today has revealed that Switzerland has blocked more funds than any other country.

Bollinger has indicated that the Netherlands would have blocked CHF500 million while other countries have not provided any information.

Bollinger has added that individual or corporate funds and assets are among the monies and assets that have been frozen.

In a separate report by Reuters, Bollinger has said the Swiss government intended to continue to apply sanctions decided by the European Union.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.