Russian Assets Frozen in Switzerland Rise to 7.4 Billion Swiss Francs Amid Sanctions

The total value of Russian assets frozen in Switzerland due to economic sanctions on Moscow increased to 7.4 billion Swiss francs ($8.38 billion) by the end of March 2025, up from 5.8 billion francs a year earlier, according to a statement from the Swiss government.

The Swiss authorities attributed the 1.6 billion franc rise to the identification and subsequent blocking of additional funds.

The Swiss economy ministry noted that a criminal investigation by the Swiss attorney general’s office into alleged sanctions violations and money laundering was a significant factor in the increase. However, it declined to disclose details about the sectors, companies, or individuals involved, stating only that the case had been made public in August 2024.

In August, Swiss newspaper Le Temps and other media outlets reported that Switzerland had provisionally frozen 1.3 billion Swiss francs worth of assets while investigating four individuals with ties to sanctioned Russian billionaire Suleiman Kerimov.

The Swiss attorney general’s office did not name any of the individuals involved but confirmed to Reuters that criminal proceedings were underway against five people suspected of violating international sanctions in connection with the situation in Ukraine.

The economy ministry further stated that it was conducting investigations into several cases involving potential sanctions breaches by Swiss companies operating through foreign subsidiaries in the commodities sector.

Swiss authorities confirmed that frozen assets included properties, luxury cars, aeroplanes, and artworks.

Switzerland has largely adopted the European Union’s sanctions against Russia since Moscow launched its war in Ukraine in February 2022. However, the historically neutral country has faced pressure to intensify efforts to prevent sanctions evasion, particularly in the earlier stages of the conflict.

By fLEXI tEAM