Switzerland frees some frozen Russian assets

RT reported, the government Switzerland May 12 reported that Russian assets worth 6.3 billion Swiss francs ($6.33 billion) have been frozen under sanctions.

According to the report, this represents a drop from around 7.5 billion Swiss francs (more than $7 billion) in funds the government reported frozen on April 7.

Erwin Bollinger, a senior official at the Swiss Federal Economic Service (SECO), which oversees the sanctions, points out that some have been released. “We can’t freeze the fund if we don’t have enough evidence,” Bollinger told journalists.

The Swiss Bankers Association (SBA) said on March 17 that between 150 and 200 billion Swiss francs ($160-213 billion) in funds from Russian customers were deposited in Swiss accounts.

Switzerland’s two largest banks – UBS and Credit Suisse – each hold tens of billions of francs from wealthy Russian clients.

Data shows that Credit Suisse alone has frozen around 10.4 billion Swiss francs ($10 billion) in funds from Russian customers as of March as part of sanctions imposed on Russia over the military campaign. live Ukraine.

SECO officials said on May 12 that banks and asset managers could temporarily freeze funds, although the funds need to be released, if they cannot determine that the asset is directly owned. continues or is under the control of a sanctioned individual.

“The amount of assets frozen is not a measure of the effectiveness of the sanctions being implemented,” Bollinger said, adding that asset freezes are not an important measure. “so far” in a broad package of sanctions.

Tradition of neutrality aside, Switzerland has engaged in sanctions against Russia amid the crisis in Ukraine. President Ignazio Cassis announced that Switzerland will asset freeze of Russian President Vladimir Putin and 370 politicians and businessmen sanctioned by the European Union.

The move has been described as a way to prevent those believed to be close to the Russian government from financing an “unprecedented military attack” on Ukraine.