On 12 May 2022, Switzerland’s State Secretariat for Economic Affairs (SECO) announced the release of CHF 3.4 billion of funds that was initially frozen in relation to sanctions against specified Russian individuals and companies, reported RTS.
The release of the funds follows highly comprehensive analysis to establish whether the funds belonged to any people or entities on the sanction list, according to SECO. The CHF 3.4 billion to be released is part of around CHF 10 billion initially frozen because of its suspected links to sanctioned individuals and companies. The funds were initially flagged by Swiss banks.
If we reach the conclusion, with the bank, that there is no reason to block the funds, we must release it, said Lukas Regli, deputy head of sanctions at SECO. Not doing so would be in breach of the law.
A total of CHF 6.3 billion remains subject to sanctions, along with 11 real estate assets in four Swiss cantons.
Switzerland has been criticised by some who argue that it has not been thorough enough in identifying and seizing the funds and assets of sanctioned Russians.
Anglo-American investor Bill Browder voiced his surprise than so little money had been frozen in Switzerland given Swiss banks have between CHF 150 and 200 billion of Russian funds on their books, according to an estimate by the Association of Swiss bankers.
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Seppetoni says
Our so called leaders really need to grow a pair. I’m Swiss and I’m very disapointed by this shortsighted action.