Some 7.4 billion Swiss francs in assets and reserves of the Russian central bank are currently ‘locked up’ in Switzerland. This was reported by the Ministry of Economy.

The money has been blocked in the wake of the Russian invasion of Ukraine. Since March 25 last year, transactions for the management of reserves and assets of the Russian central bank have been prohibited in Switzerland.

“The bank’s assets have thus been secured,” it reads in a press release.

The Federal Council, the government, had decided at the end of March that reporting is required for this type of capital. Persons, organizations and entities holding, controlling or having as counter-parties reserves and assets of the Russian central bank were required to notify the Ministry of economy before April 12. Mandatory reporting also applies in the EU, in line with EU sanctions against Russia.

These are fixed or immobilized assets, which does not correspond to “frozen” assets, which in Switzerland amount to 7.5 billion francs. Frozen assets are owned by individuals, companies or entities that are on a sanctions list due to the situation in Ukraine.

According to the ministry, talks are underway in the EU on the possibility of using the assets of the Russian central banks for investment and using the proceeds for the reconstruction of Ukraine. Switzerland is following these talks closely.

About the author: Damien Karlström

The editor-in-chief worked for many years as a literary editor in Bern's leading publications. Over time, I decided to become the editor-in-chief. The main direction of materials is international relations and society.

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