The Swiss Federal Council reported that about 7.4 billion Swiss francs, roughly 8.3 billion US dollars, of the Russian Central Bank’s assets are held within Swiss banks. This figure reflects assets that have already entered the Swiss system and are subject to the country’s financial oversight. (Swiss Federal Council)
Since March 25, 2022, Switzerland has prohibited all operations related to the management of reserves and assets of the Central Bank of the Russian Federation. As a result, the bank’s assets are effectively immobilized within Swiss financial institutions. This move aligns with broader sanctions measures aimed at restricting the Russian central bank’s access to its financial resources. (Swiss Federal Council)
It is important to distinguish these inactive assets from funds and assets that are frozen in Switzerland, which total about 7.5 billion Swiss francs. The freezing actions apply to assets tied to sanctioned persons, companies, or entities under the provisions of Article 15 of the Decree on Situational Measures in Ukraine, ensuring that related ownership is blocked pending further action. (Swiss Federal Council)
Meanwhile, Swiss authorities have been monitoring European discussions regarding the potential transfer of the frozen Russian central bank reserves to Ukraine. The Swiss stance remains careful and aligned with ongoing multilateral talks, emphasizing careful legal and humanitarian considerations in any future steps. (Swiss Federal Council)
Recent declarations from the Swiss Ministry of Finance clarified that there are no plans for Switzerland to join new asset freeze coalitions outside the current framework. This reflects Switzerland’s approach to implement humanitarian-aligned sanctions while maintaining financial stability and legal certainty. (Swiss Ministry of Finance)
Earlier reports indicated that, as of December 1, 2022, assets belonging to the Russian Federation valued at 7.5 billion Swiss francs, along with 15 real estate properties across six cantons, had already been blocked within the country. These measures show Switzerland’s commitment to enforcing international sanctions against the Russian state and related entities. (Swiss Federal Council)