Swiss have frozen $8 bln in financial assets under Russia sanctions (updated)

Seco SpA

01/12/2022 08:59

(Adds detail, background)
       ZURICH, Dec 1 (Reuters) - Switzerland has frozen
financial assets amounting to 7.5 billion Swiss francs ($7.94
billion) as of Nov. 25 under sanctions against Russians to
punish Moscow's invasion of Ukraine, the State Secretariat for
Economic Affairs (SECO) said on Thursday.
    SECO, the agency overseeing sanctions, added that 15
properties in six cantons are also "blocked". It did not name
the cantons.
    Up until June 3, SECO had been notified of existing deposits
held by Russian nationals and natural persons and legal entities
in Russia amounting to 46.1 billion francs, it said.
    Neutral Switzerland has routinely adopted European Union
sanctions that aim to punish Russia for invading Ukraine.
    But pressure has mounted on Switzerland - a popular
destination for Moscow's elite and a holding place for Russian
wealth - to more quickly identify and freeze assets of hundreds
of sanctioned Russians.
        As of July, Switzerland had frozen 6.7 billion Swiss
francs'  ($7.11 billion) worth of Russian financial assets and
15 properties.
  
($1 = 0.9443 Swiss francs)
 (Writing by Paul Carrel, editing by Rachel More and Miranda
Murray)
 ((paul.carrel@thomsonreuters.com))