Private Russian financial assets worth 5.8 billion francs are currently blocked in Switzerland, down from a reported value of 7.5 billion francs in November 2022. Despite the increase in interest rates and the expansion of the sanctions list, this decline is surprising given the rise in many share prices since November 2022. Foreign currencies have lost value against the Swiss franc, resulting in lower values for foreign securities when converted into francs. The market values of interest-bearing securities have also fallen due to higher interest rates.
Since November 2022, there have been asset releases totaling 140 million francs, with new people and companies added to the sanctions list contributing to an increase in blocked assets by 50 million francs. According to Seco, this decline in Russian stocks indicates the effectiveness of economic sanctions against Russia despite its continued aggression towards Ukraine. Despite significant economic and financial damage caused by these sanctions, Russia has continued its war efforts.
In addition to private assets and large assets of the Russian Central Bank being blocked in Switzerland, reports of suspicion regarding evasion of sanctions have led to 50 administrative criminal proceedings, with 34 cases concluded.
