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Anti-Russian sanctions

Value of frozen Russian assets in Switzerland drops to $6.36 bln over the year

The Swiss authorities pointed out that the value of assets of the Bank of Russia "may fluctuate in either direction, notably as a result of valuation changes on frozen securities, bank charges and exchange rate movements"

GENEVA, April 23. /TASS/. The value of Russian assets that were frozen by the Swiss authorities as part of the sanctions fell over the year to 5.8 bln Swiss francs (about $6.36 bln), according to a statement on the website of the Swiss State Secretariat for Economic Affairs.

"The value of financial assets frozen in relation to sanctions against Russia was 5.8 bln Swiss francs on 31 December 2023 ($1.86 bln - TASS). This is CHF 1.7 bln Swiss francs lower than the figure reported for December 2022," the statement says.

The reason for the decline in the value of assets was the decline in the value of securities against the backdrop of anti-Russian sanctions.

"In the reporting period, SECO froze a further CHF 580 mln Swiss francs in financial assets (about $636 mln - TASS), following its own investigations and detailed clarifications by banks. It also blocked two more real estate properties in Switzerland. Apart from the now 17 properties frozen, other assets such as sports and luxury vehicles, works of art, furniture and musical instruments held by sanctioned individuals and entities in Switzerland have been blocked," the secretariat specified.

"The amount of frozen assets is distinct from the reserves and assets of the Central Bank of the Russian Federation held in Switzerland, worth some 7.24 bln Swiss francs at current exchange rates 9about $7.93 bln - TASS). Since 25 March 2022, the Russian central bank's reserves and assets have been immobilized," the secretariat noted.

The Swiss authorities added that the value of assets of the Bank of Russia "may fluctuate in either direction, notably as a result of valuation changes on frozen securities, bank charges and exchange rate movements."

Switzerland, which is not a member of NATO and the EU, supports Western sanctions against Russia, imposed due to the special military operation in Ukraine. In March 2022, the Russian government approved a list of foreign states and territories committing unfriendly actions against Russia, its companies and citizens. Switzerland is on the list.

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