News Feed

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.

Avatar
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.

Read more
News Feed

"It is legitimate and lawful for China to conduct normal economic, trade and energy cooperation with all countries around the world, including Russia," China's Foreign Ministry said in response to question about Russian oil purchases posed by Bloomberg. "We will continue to adopt reasonable energy security measures in accordance with our national interests."

"The highly anticipated meeting between myself, as President of the United States of America, and President Vladimir Putin, of Russia, will take place next Friday, August 15, 2025, in the Great State of Alaska," Trump wrote on Truth Social, adding that "further details will follow."

Show More