Russian central bank assets worth 7.4 billion Swiss francs ($8.3 billion) are held across Switzerland, the government said following new reporting obligations introduced as part of the latest European Union sanctions package.
(Bloomberg) — Russian central bank assets worth 7.4 billion Swiss francs ($8.3 billion) are held across Switzerland, the government said following new reporting obligations introduced as part of the latest European Union sanctions package.
The 7.4 billion-franc figure represents all central bank reserves and assets reported in Switzerland to date and those funds have been immobilized, the government specified in a statement on Wednesday.
It shouldn’t be confused with the 7.5 billion francs worth of assets that have been frozen as they belonged to sanctioned Russians or Russian companies, it said.
Switzerland broke with its historic neutrality last February to adopt EU sanctions against Russia after its invasion of Ukraine and the latest disclosure was part of the most recent 10th sanctions package.
Talks continue across the EU about whether Russian central bank assets held abroad should be permanently confiscated and put toward the reconstruction of Ukraine.
Swiss officials have previously sounded cool on the idea, saying such a move would risk breaking the Swiss rule of law.
The government on Wednesday however said only that these discussions are ongoing and that the Swiss are following them “closely.”
Read more: Rich Russians’ Swiss Bank Stash Stands at $49 Billion (1)
–With assistance from Bastian Benrath.
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