Frozen Russian assets are not very profitable, say Swiss authorities
Reserves and assets of the Central Bank of the Russian Federation declared in Switzerland amount to CHF7.4 billion, according to the State Secretariat for Economic Affairs (SECO). A similar amount of Russian financial assets has been frozen in Switzerland as part of ongoing sanctions.
Keystone / Yuri Kochetkov
Switzerland is committed to a coordinated international approach to the frozen assets and reserves of the Central Bank of the Russian Federation, according to the State Secretariat for Economic Affairs (SECO).
At present, the freezing of Russian assets in Switzerland does not lead to substantial profits. This contrasts with the situation in Belgium, which announced on Wednesday that it would pay €1.7 billion to Ukraine, a sum corresponding to the proceeds of taxes on interest earned on Russian assets frozen in banks in Belgium. According to the Belgian government, this windfall should be returned to Ukraine to rebuild its infrastructure.
In Switzerland, Russian financial assets frozen as part of the sanctions still amount to CHF7.5 billion, in addition to 15 properties in the same situation, SECO confirmed to Keystone-ATS news agency on Thursday.
In addition, the total sum of reserves and assets of the Central Bank of the Russian Federation declared in Switzerland amounts to CHF7.4 billion.
Belgium is in a special situation, as it is home to the central depository holding the largest volume of assets on deposit in Europe, according to SECO. It is also one of the European Union states with the most Russian financial assets frozen, as part of the sanctions imposed on Moscow by the European bloc after the invasion of Ukraine in February 2022.
Prime Minister Alexander De Croo referred to “hundreds of billions” of assets held in various financial institutions, which have earned interest worth “billions” of euros. For the time being, it is impossible to use these assets or the interest, due to the lack of legal leverage. However, Belgian legislation does allow the proceeds of interest taxation to be redistributed to Ukraine.
In Switzerland, on the other hand, the freezing of Russian assets “does not lead to substantial profits”. The Confederation is “closely following the international debate and is committed to a coordinated approach”. Irrespective of the discussions on the frozen Russian assets, the Federal Council has repeatedly reaffirmed its intention to continue supporting Ukraine, SECO points out.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Banking & Fintech
Explainer: how stock market plunges impact Switzerland
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
This content was published on
Swiss International Air Lines (SWISS) has extended its suspension of flights to and from Tel Aviv, Israel, and Beirut, Lebanon, until August 26 due to the current tensions in the Middle East.
Swiss union calls for 4% pay rise to address cost-of-living pressures
This content was published on
The Swiss trade union federation Travail Suisse has called for a 4% pay rise this year to help workers cope with cost-of-living pressures.
Swiss trial opens of parents accused of supporting Islamic State
This content was published on
The trial of two parents accused of financially supporting their son who left Switzerland to fight for Islamic State (IS) in Syria in 2015 opened at the Federal Criminal Court on Monday.
Swiss goalkeeper Yann Sommer retires from national team
This content was published on
After a decade as Switzerland’s No. 1 goalkeeper, Yann Sommer retired from the national team on Monday to focus on playing for Inter Milan.
Thousands attend bicentennial of Swiss Shooting Sport Federation
This content was published on
Over 20,000 shooting enthusiasts celebrated the 200th anniversary of the Swiss Shooting Sport Federation in Aarau at the weekend.
First trains pass through repaired Gotthard Base Tunnel
This content was published on
Trains have successfully passed through the western tube of the Gotthard Base Tunnel in a trial. The rail tunnel was seriously damaged by a derailed freight train a year ago.
77th Locarno Film Festival attracted 152,000 movie fans
This content was published on
Around 152,000 movie fans flocked to the 77th Locarno Film Festival that ended on Saturday - a 3.5% increase compared to last year.
SWISS passengers stranded in Kazakhstan flown to Zurich
This content was published on
Swiss International Air Lines (SWISS) has repatriated 331 passengers who were stranded in Kazakhstan after an incident at Astana airport on Saturday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland has to ‘go above and beyond’ to implement sanctions
This content was published on
The war in Ukraine should be a turning point for Switzerland to change its mindset on transparency, says financial crime expert Tom Keatinge.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.