01.12.2022, 13:53
In Switzerland, Russian assets worth $ 7.95 billion were frozen
Source: OREANDA-NEWS
OREANDA-NEWS Switzerland has blocked Russian assets worth 7.5 billion Swiss francs (about $7.95 billion). This was announced on Thursday by the State Secretariat of the Economy of the country (SECO).
"As of July 3, 2022, the amount of deposits of Russian citizens or individuals and legal entities announced to the State Secretariat of the Economy amounted to 46.1 billion francs. As of November 25, 2022, the assets frozen in Switzerland reached 7.5 billion francs," SECO noted, adding that 15 real estate objects in six Swiss cantons were also blocked.
This agency oversees the issue of blocking foreign deposits in Switzerland and periodically updates and clarifies its statistics. SECO first announced in early April that Russian assets worth 7.5 billion francs were frozen in Switzerland. In July, Bern clarified that $6.7 billion and 15 real estate objects were blocked. As explained in the department, as of November 25, data were received that 123 individuals and organizations reported "7,548 commercial relationships worth 46.1 billion francs." In addition, 28 reports were received about 0.4 billion francs, which were required to inform the Swiss authorities as part of the sanctions adopted by Switzerland against Belarus.
SECO noted that "the size of the frozen assets does not make it possible to judge the effectiveness of sanctions." This amount "may vary both upward and downward." "Frozen holdings may increase, in particular, when new persons fall under sanctions or if new holdings are taken into account. And vice versa, it happens that the assets blocked in advance should be released if the necessary verification is carried out," the department stated.
"As of July 3, 2022, the amount of deposits of Russian citizens or individuals and legal entities announced to the State Secretariat of the Economy amounted to 46.1 billion francs. As of November 25, 2022, the assets frozen in Switzerland reached 7.5 billion francs," SECO noted, adding that 15 real estate objects in six Swiss cantons were also blocked.
This agency oversees the issue of blocking foreign deposits in Switzerland and periodically updates and clarifies its statistics. SECO first announced in early April that Russian assets worth 7.5 billion francs were frozen in Switzerland. In July, Bern clarified that $6.7 billion and 15 real estate objects were blocked. As explained in the department, as of November 25, data were received that 123 individuals and organizations reported "7,548 commercial relationships worth 46.1 billion francs." In addition, 28 reports were received about 0.4 billion francs, which were required to inform the Swiss authorities as part of the sanctions adopted by Switzerland against Belarus.
SECO noted that "the size of the frozen assets does not make it possible to judge the effectiveness of sanctions." This amount "may vary both upward and downward." "Frozen holdings may increase, in particular, when new persons fall under sanctions or if new holdings are taken into account. And vice versa, it happens that the assets blocked in advance should be released if the necessary verification is carried out," the department stated.
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