The State Secretariat for Economic Affairs (SECO), which is Switzerland’s governmental center for expertise in economic policy, has updated its FAQ about sanctions against Russia.
In this FAQ, SECO answered a question about the amount of blocked Russian assets in Switzerland. According to the answer from the SECO, as of 13 August 2022, Swiss financial assets worth 7.1 billion Swiss francs, as well as 17 properties, sports and luxury cars, works of art, furniture, and instruments belonging to sanctioned individuals, companies, and organizations.
“One of the sanctions measures adopted in connection with the situation in Ukraine is to block the funds and economic resources of individuals, enterprises and organizations listed in Appendix 8 of the regulation. These sanctions represent only a small part of those imposed as a result of Russia’s military aggression in Ukraine,” SECO noted.
In June 2022, the Swiss Federal Department of Economic Affairs, Education and Research (EAER) expanded its sanctions lists against Russia on July 8, acting as the competent authority for sanctions. Switzerland has adopted additional sanctions lists decided by the EU in response to Russia’s ongoing military aggression against Ukraine.
