Swiss franc Ufuk ZIVANA / Shutterstock
BENN, May 13 (RHC) – The Swiss government on Thursday updated the number of blocked Russian assets worth 6.3 billion Swiss francs ($6.33 billion), in the context of sanctions against the Kremlin’s operation in Ukraine.
This figure is down from April 7, when authorities reported a freeze of 7.5 billion francs in Russian assets.
In this regard, the head of the Department of Bilateral Economic Relations of the Minister of State for Economic Affairs, Erwin Bollinger, explained to the local press that the freezing of the frozen funds was lifted as a precautionary measure.
In total, Switzerland issued 3.4 billion francs that were temporarily frozen, while blocking an additional 2.2 billion francs. Bollinger noted that the numbers can fluctuate in both directions and that “the size of the frozen assets is not an indicator of the quality of the application of sanctions against Russia.”
Swiss banks and asset managers can freeze assets as a precaution, but they cannot hold them if they fail to prove that the frozen assets are controlled by a sanctioned person.
Bollinger noted that in the event of an unjustified freezing of assets, compensation for damages can be claimed, and therefore Switzerland cannot keep some Russian assets in the absence of “sufficient reasons.” (Source / RT)
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