G7 governments are raising concerns that Switzerland is not moving quickly enough to curb the flow of sanctioned Russian wealth as oligarchs relocate assets abroad. They point to Swiss privacy laws and loopholes that appear to allow Russian businessmen to shelter profits and holdings in overseas accounts, complicating international efforts to clamp down on illicit finance.
Official figures from the Swiss State Secretariat for Economic Affairs show that Russia-related assets frozen within Switzerland amount to about 7.5 billion francs. However, representatives from G7 delegations challenge that tally, arguing it likely understates the true scale of frozen or restricted assets connected to Russia, and that independent assessments suggest a larger sum could be held in Swiss banks and other financial conduits.
In light of these doubts, the topic has gained urgency among G7 members who want more transparent reporting and swifter action to prevent sanctioned money from circulating through Switzerland. The tension reflects broader debates over how secrecy laws and financial privacy regimes intersect with international sanctions enforcement, with experts warning that any gaps could undermine the effectiveness of coordinated penalties aimed at pressuring Moscow economically.
Observers note that the European Union is exploring additional steps as it prepares to negotiate a new round of sanctions. The plan includes a proposed 11th package that would expand restrictions on Russian sectors and tighten enforcement mechanisms for financial institutions and asset freezes. Several sources indicate that discussions between the European Commission and EU member states are expected to accelerate after the Easter period, signaling renewed momentum for tightening the sanction regime.
While the precise scope of forthcoming measures remains a subject of internal deliberations, allies stress the need for a united front. The goal is to close loopholes, increase auditing and reporting standards, and ensure that the financial system does not inadvertently shelter sanctioned wealth. The conversations, ongoing for months, reflect a broader strategy to sustain pressure on Russia while maintaining stability in global markets and protecting the integrity of international financial channels.
The Easter observances themselves offer a seasonal reminder of the calendar constraints that often shape diplomatic and regulatory timelines. In many European communities, the holiday is marked by quiet governance in some sectors and intensified activity in others, depending on national traditions and public holidays. The pause or acceleration in policy discussions around this period can have real consequences for the speed at which new sanctions are proposed, debated, and implemented, underscoring how cultural calendars intersect with high-stakes economic diplomacy.