Over $8B in Russian Central Bank assets immobilized in Switzerland
Swiss government instituted a mandatory reporting requirement in March
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The Swiss Federal Department of Economic Affairs announced Wednesday that approximately $8.3 billion in Russian Central Bank assets has been immobilized inside Switzerland.
The Swiss government learned of the assets after instituting a new reporting requirement in March.
"The total amount of reserves and assets of the Russian Central Bank held in Switzerland is approximately CHF 7.4 billion," the ministry wrote in a statement. "The Federal Council was informed of this on 10 May 2023, having decided on 29 March to make the reserves and assets subject to a reporting requirement."
Switzerland began sanctioning Russian finances on Feb. 28, 2022 following the country's invasion of Ukraine.
The Central Bank of the Russian Federation, also known as the Bank of Russia, is seen in Moscow. (Photo by Vlad Karkov/SOPA Images/LightRocket via Getty Images / Getty Images)
The ministry emphasized a difference in categorization between what they call "immobilized" assets and "frozen" assets — two terms often used interchangeably by officials and the press.
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The Swiss national flag flies above the Federal Palace, Switzerland's parliament building in Bern, Switzerland. (Photographer: Valentin Flauraud/Bloomberg via Getty Images / Getty Images)
"This sum of immobilised assets should be distinguished from the sum of frozen funds and assets in Switzerland (CHF 7.5 billion); the latter are those owned or controlled by sanctioned persons, companies or entities and are subject to the freezing of assets as set out in Article 15 of the Ordinance on Measures Relating to the Situation in Ukraine," the ministry wrote.
The Swiss government also alluded to considerations of investing seized Russian Central Bank finances to create an Ukraine reconstruction fund.
The Central Bank of the Russian Federation, also known as the Bank of Russia, is seen in Moscow. (Photo by Vlad Karkov/SOPA Images/LightRocket via Getty Images / Getty Images)
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"In the EU there are ongoing discussions on whether assets of the Russian Central Bank should be invested and the proceeds used for the reconstruction of Ukraine," the Ministry of Economic Affairs wrote. "Switzerland is following these discussions closely."