Switzerland Blocks Over $8 Billion in Russian Assets

Switzerland, which has supported EU sanctions against Russia, has blocked Russian assets worth 7.5 billion francs (over $8 billion at current exchange rates), according to Bloomberg.

Just a month ago, Switzerland surprised the world by departing from its tradition of neutrality and announcing that it would fully adopt the EU measures against Russia.

However, the Swiss government, particularly SECO, has faced criticism from politicians in Bern and editorial boards for not doing enough to block Russian assets under sanctions.

Bollinger addressed the criticism on Tuesday afternoon: “Yes, there are between 150 billion and 200 billion Swiss francs of Russian assets in Switzerland,” he said, citing figures from the Swiss Bankers Association, “but let me clarify that not all Russians are subject to sanctions here,” he added.