Switzerland has frozen about $8.8 billion in financial assets belonging to Russian citizens. This is according to Reuters.
A decision was made in accordance with sanctions intended to punish Russia for its full-scale invasion of Ukraine.
The State Secretariat for Economic Affairs, which controls the sanctions, said that the figure is only an estimate and it can be changed.
"It was difficult to name an exact figure because of new people added or removed from the sanctions list, as well as the court cases of freezing or unblocking additional assets. A more accurate figure is expected by the end of the second quarter of 2024, when Swiss banks will report to the government," the report said.
As noted, the increasing of frozen assets is related to the growth of 300 people and 100 companies and organizations that have been included in the sanctions list over the past year. The assets are estimated and include cash deposits, bonds, stocks, as well as property and luxury cars.
The movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank has also been blocked.
SECO declined to comment on which individuals have had their assets frozen.
The blocked assets only make up a fraction of the total wealth of Russians in Switzerland. The Swiss Bankers Association estimates that the country's banks hold 150 billion of francs.
Earlier, we reported that Russia decided to increase the war expenses.