Switzerland has frozen $8.8 billion of Russian asset

Switzerland has frozen around 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians under sanctions designed to punish Moscow for its invasion of Ukraine. 

The Swiss government made this announcement on Friday, Rubryka reports, citing Reuters.

This figure is a preliminary estimate, according to the State Secretariat for Economic Affairs of Switzerland (SECO). SECO stated that this figure might change, and more precise information is expected by the end of the second quarter of 2024 when Swiss banks will report to the government.

The exact figure is influenced by the number of individuals added or removed from Switzerland's sanctions list and legal cases regarding the freezing or unlocking of additional assets.

What we know about the confiscation of Russian assets

The Security Service of Ukraine (SBU) arrested the assets of Russian businessmen financing the war for almost ₴190 billion ($5.2 billion) during 2022-2023, as of early August. The assets of Russian oligarchs are also being arrested abroad.

Since Russia's full-scale invasion of Ukraine, the UK has frozen over £18 billion ($23 billion) in assets and imposed sanctions on over 1,550 Russians by mid-June this year.

In the Czech Republic, the assets of Russian oligarch Vladimir Yevtushenkov, close to Russian President Vladimir Putin, were frozen.

Poland also proposed transferring frozen Russian assets to Ukraine and EU countries.

On October 12, the Estonian government approved a resolution and sent it to parliament on using frozen Russian assets to help Ukraine.

The EU is studying the procedure for confiscating €200 billion in frozen assets of the Russian Central Bank. The European Commission is also developing proposals.

Belgium has created a special fund of €1.7 billion from taxing frozen Russian assets to support Ukraine.

In July, Italy reported freezing assets of Russian oligarchs worth around €2 billion after Russia's invasion of Ukraine last year.

A bipartisan group of US lawmakers introduced a bill that allows the US Department of Justice to confiscate valuable assets of sanctioned Russian oligarchs and quickly transfer them to Ukraine.