Switzerland has announced that the value of its frozen Russian assets – due to the economic sanctions imposed on Moscow – rose to 7.4 billion francs (8.38 billion dollars) at the end of last March, compared to 5.8 billion francs (6.55 billion dollars) the previous year.
The government added that this increase of 1.6 billion francs ($ 1.8 billion) is due to the freezing of additional funds.
The Swiss Ministry of Economy indicated a criminal investigation conducted by the Prosecutor’s Office in suspected penalties for penalties and money laundering, which represent most of the new frozen assets.
But she refrained from disclosing the details of the sectors, companies or individuals concerned, and said that the case became public in August 2024.
In that month, the local newspaper “Lotan” and other media reported that Switzerland temporarily frozen 1.3 billion Swiss francs ($ 1.46 billion) and that it is achieved with 4 people related to Russian billionaire Suleiman Karimov.
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Criminal procedures
The Office of the Prosecutor in Switzerland refused to reveal the names of anyone involved, but he said that criminal procedures are underway against 5 people on suspicion of violating international sanctions against the backdrop of the situation in Ukraine.
The Ministry of Economy also announced that it has been investigating several cases related to suspected penalties for sanctions by local companies through foreign branches in the basic commodity sector.
The Swiss authorities reported that the frozen assets included real estate, luxury cars, aircraft and artwork.
Since the war in Ukraine began in February 2022, Switzerland has adopted the full European Union sanctions against Russia, although this traditionally neutral country was subjected to pressure to evade sanctions earlier in the war.
