“Today, for the first time, I can give you an indication of the amount of frozen funds. To date, SECO has been notified of funds and assets totalling around 5.750 billion Swiss francs,” said Erwin Bollinger, a senior official at the State Secretariat for Economic Affairs (SECO) agency overseeing sanctions.
That included a number of properties in cantons which served as tourism resorts, he told a news conference in Bern.
SECO had until now declined to estimate the extent of assets frozen or potentially subject to sanctions since the neutral country began adopting European Union sanctions against Russia over its invasion of Ukraine.
“The cited number of far over 5 billion francs relates to a snapshot in time,” Bollinger noted. “With further reports coming in and potential additions to EU sanctions lists, which Switzerland would also assume, it is likely this number will rise further.”