Switzerland extends sanctions on Russian assets

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Switzerland extends sanctions on Russian assets
Swiss President Ignazio Cassis. Photo: FABRICE COFFRINI / AFP

Switzerland said Thursday it has extended its Ukraine-related clampdown on Russian assets and has now frozen a total of 7.5 billion francs ($8 billion, 7.3 billion euros).


Finance ministry official Erwin Bollinger had last month given an initial estimation of 5.75 billion francs -- including real estate held by Swiss-based Russians nationals -- while forecasting the sum would rise.

Traditionally neutral Switzerland decided four days after Russia invaded Ukraine on February 24 to align itself with European Union sanctions against Moscow, obliging banks to pass on information on clients or firms targeted.

Sanctions on Russia: Is Switzerland still a neutral nation?

Straight after the invasion, President Ignazio Cassis warned that neutrality could not in practice equate to indifference in the face of Russian aggression.

Switzerland's Socialist Party even told AFP on Thursday it regarded the sanctions as too "passive" a response and had complained to the government.

The finance ministry stressed it had drawn up a document advising cantonal authorities on how sanctions should be applied.



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