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This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.

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Switzerland freezes almost $8 billion in Russian assets under EU sanctions

1 min read

Switzerland has frozen financial assets worth nearly $8 billion as a response to Russia’s invasion of Ukraine, the State Secretariat for Economic Affairs (SECO) said on Dec. 1. Fifteen Russian properties have also been blocked as of Nov. 25, the agency reported.

According to SECO, the agency overseeing sanctions, Swiss banks hold deposits of Russian nationals, natural persons, and legal entities amounting to about $48.15 billion (46.1 billion francs).

It is far less than the $213 billion estimated by the Swiss Bankers Association in March.

The reason for this inconsistency could be that Russians who are also Swiss or EU citizens or have a residence there are not subjected to the ban on deposits, SECO wrote. The agency added that Russians’ bank deposits of less than 100,000 francs are also exempt from the sanctions.

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The Kyiv Independent news desk

We are the news team of the Kyiv Independent. We are here to make sure our readers get quick, essential updates about the events in Ukraine. Feel free to contact us via email with feedback and news alerts.

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