Sunday, February 5, 2023

Switzerland knows about $48.5 billion in Russian assets

BERLIN ( Associated Press) — Swiss authorities said Thursday that they have been informed about 46.1 billion francs ($48.5 billion) in assets held by Russian citizens and agencies since the sanctions were imposed months ago.

Switzerland, which is not a member of the European Union but has close ties with the 27-nation bloc, imposed EU-like sanctions on Russia after its invasion of Ukraine.

One of the measures prohibits receiving deposits of more than 100,000 francs from Russian citizens or organizations, whether they are companies or associations. Large deposits had to be reported to the Secretary of State for Economic Affairs by the beginning of June.

The secretariat said 123 individuals or bodies in Switzerland reported 7,548 “business relationships” with a total value of 46.1 billion francs. Another 294 “trade ties”, with Russia’s close ally Belarus, totaled 400 million francs.

Citizens of Switzerland or any country in the European Economic Area, or persons who have a residence permit in any of these countries, are exempt from the restriction on new deposits and from the obligation to report them. Nor is it mandatory to report deposits of less than 100,000 francs.

The secretariat stated that “Consequently, the level of reported deposits … may not match the total amount of money of Russian origin deposited in Switzerland.”

The total amount deposited in Switzerland under sanctions as of 25 November was 7.5 billion francs in financial assets and 15 assets. They are property owned or directly controlled by individuals, companies and organizations subject to war-related sanctions in Ukraine.

Nation World News Desk
Nation World News Desk
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