Switzerland Reports Increase in Frozen Russian Assets Amid Ongoing Sanctions

As of the end of March 2025, Switzerland has frozen Russian assets totaling 7.4 billion Swiss francs (approximately $8.38 billion), marking a significant increase from the 5.8 billion francs reported a year earlier. This 1.6 billion franc rise is attributed to the identification and subsequent blocking of additional funds, as announced by the Swiss government on Tuesday.
Reuters

A substantial portion of this increase stems from a criminal investigation led by the Swiss attorney general's office into alleged sanctions breaches and money laundering activities. While specific details regarding the sectors, companies, or individuals involved have not been disclosed, it is known that in August 2024, Swiss media reported the provisional freezing of 1.3 billion Swiss francs linked to four individuals associated with sanctioned Russian billionaire Suleiman Kerimov. The attorney general's office has confirmed that criminal proceedings are ongoing against five individuals suspected of violating international sanctions related to the situation in Ukraine.
Reuters

The frozen assets encompass a variety of holdings, including properties, luxury cars, airplanes, and artworks. Additionally, the Swiss economy ministry is investigating several cases of suspected sanctions violations by Swiss companies operating through foreign subsidiaries, particularly in the commodities sector.
Reuters

Since the onset of Russia's invasion of Ukraine in February 2022, Switzerland has largely aligned itself with European Union sanctions against Moscow. Despite its tradition of neutrality, the country faced international pressure to intensify efforts to prevent sanctions evasion earlier in the conflict.
Reuters

This development underscores Switzerland's commitment to enforcing international sanctions and highlights the ongoing global efforts to hold individuals and entities accountable for actions related to the conflict in Ukraine.
Reuters

Author: Global Ripple

Posted on: April 01, 2025