Swiss Sanctions Trap Billions in Russian Assets

The value of Russian assets frozen in Switzerland increased to 7.4 billion Swiss francs by March 2025 due to economic sanctions on Moscow. This rise is attributed to additional funds being blocked amid ongoing investigations into sanctions breaches and money laundering, mostly related to billionaire Suleiman Kerimov.

The Swiss government announced a significant increase in the value of Russian assets frozen due to economic sanctions against Moscow, with the total reaching 7.4 billion Swiss francs by March 2025. This marks a 1.6 billion franc rise from the previous year, attributed to the identification and blocking of additional funds.

The Swiss economy ministry highlighted that most of the new assets blocked are related to an ongoing criminal investigation into suspected sanctions breaches and money laundering. The investigation, spearheaded by the Swiss attorney general's office, has been linked to four individuals connected to sanctioned Russian billionaire Suleiman Kerimov, although the ministry refrained from disclosing specific sector details.

The assets in question, which include properties, luxury cars, aeroplanes, and artworks, were frozen to enforce European Union sanctions against Russia following its invasion of Ukraine. Switzerland, though traditionally neutral, has mostly adopted EU sanctions since the onset of the conflict in February 2022, intensifying efforts to prevent sanctions evasion during the war.

(With inputs from agencies.)