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"Today, for the first time, I can give you an indication of the
amount of frozen funds. To date, SECO has been notified of funds
and assets totalling around 5.750 billion Swiss francs," said
Erwin Hollinger, a senior official at the State Secretariat for
Economic Affairs (SECO) agency overseeing sanctions.
That included a number of properties in cantons which served as
tourism resorts, he told a news conference in Bern.
SECO had until now declined to estimate the extent of assets
frozen or potentially subject to sanctions since the neutral
country began adopting European Union sanctions against Russia
over its invasion of Ukraine.
"The cited number of far over 5 billion francs relates to a
snapshot in time," Bollinger noted. "With further reports coming
in and potential additions to EU sanctions lists, which
Switzerland would also assume, it is likely this number will
rise further."
Pressure has increased on Switzerland -- a popular destination
for Moscow's elite and a holding place for Russian wealth -- to
more quickly identify and freeze assets of hundreds of
sanctioned Russians.
Its banks hold up to $213 billion of Russian wealth,
Switzerland's bank lobby estimates.
Bollinger cautioned against relating total Russian wealth in the
country to the amount subject to sanctions.
"Not every sanctioned individual or entity has assets in
Switzerland," he said. "And, on the other hand, not every
Russian who holds assets in Switzerland is simultaneously on the
sanctions lists."
($1 = 0.9320 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael
Shields)
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