Switzerland Freezes Additional $1.8 Billion in Russian Assets Amid Ongoing Investigation

Switzerland has frozen an additional $1.8 billion in Russian assets, bringing the total to approximately $8.3 billion, as reported by Tages-Anzeiger on March 28, citing data from the Swiss State Secretariat for Economic Affairs (SECO).

This increase, noted by SECO, is tied to an ongoing money laundering investigation and additional asset freezes.

The Swiss Prosecutor General’s Office opened criminal proceedings last year on suspicion of Russian sanctions violations and money laundering.

In response, SECO temporarily froze funds totaling 1.65 billion Swiss francs (about $1.8 billion). Meanwhile, 60 million Swiss francs (approximately $67.9 million) were unblocked after legal requirements for freezing the assets were not met.

Additionally, four properties were removed from the sanctions list, while one new property was added, bringing the total number of blocked properties in Switzerland to 14 across six cantons .

The European Union is considering allocating up to €9 billion for weapons to Ukraine, potentially sourced from Russian assets. However, the EU faces resistance, particularly from Belgium, which holds the largest share of frozen Russian assets.

Belgian officials argue that confiscating the assets would eliminate future profits, which are currently used to support Ukraine.

In related news, German Foreign Minister Annalena Baerbock and Lithuanian counterpart Kęstutis Budrys arrived in Kyiv on April 1, reaffirming their countries’ support for Ukraine amid Russia’s war against Ukraine.