Switzerland has frozen CHF7.5bn in assets under Russia sanctions
Switzerland has so far frozen some CHF7.5 billion ($8 billion) in funds and assets under sanctions against Russians to punish Moscows invasion of Ukraine.
These are funds in frozen accounts and properties in four cantons, said Erwin Bollinger, head of the Bilateral Economic Relations Division at the State Secretariat for Economic Affairs (SECO) at a media conference in Bern on Thursday.
Switzerland has thus frozen more funds than any other country. The Netherlands has blocked CHF500 million, other countries have not provided any information, he said.
Bollinger said the government intended to continue to apply sanctions decided by the European Union. The Embargo Act does not provide for autonomous sanctions. Moreover, sanctions are only effective if they are broadly based. Currently, 24 sanctions are in place.
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