Swiss Banks Unfreeze $3.4 Billion in Sanctioned Russian Assets

Sputnik News ^ | 5/13/22 | Tim Korso

[marshmallow]

Switzerland was among the western countries which decided to voluntarily seize funds belonging to Russian companies, business leaders and even the Central Bank under the pretext of sanctions over Russian special military operation in Ukraine.

Bern has released nearly $3.4 billion in Russian assets over the last month, which had been frozen under new sanctions, a recent report from the Swiss State Secretariat for Economic Affairs (SECO) indicates. After seizing a number of additional Russian accounts worth $2.2 billion, tallies show a net reduction of $1.17 billion in total frozen assets compared to April 7, demonstrating that close to $3.4 billion has been released over the same time period. Swiss banks are currently holding $6.33 of locked down Russian assets. Referring to these unblocked assets, SECO senior official Erwin Bollinger explained that some of the frozen accounts were liberated due to lack of evidence showing they belonged to a sanctioned entity.

"We can't freeze funds if we do not have sufficient grounds […] The amount of assets frozen is not a measure of how effectively sanctions are being implemented", Bollinger said.

[allendale]

These sanctions are giving Africans, Arabs, Asians as well as Russians serious pause about parking their assets in the West as a “safe” haven. The huge capital inputs from these sources has been a tremendous stimulus to the US economy over the last twenty years

[caww]

I never support where any country can freeze assets of another. No matter how it’s painted it’s hurting the people every time - not the Gov. leaders.

[delta7]

These sanctions are giving Africans, Arabs, Asians as well as Russians serious pause about parking their assets in the West as a “safe” haven. The huge capital inputs from these sources has been a tremendous stimulus to the US economy over the last twenty years
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Vegetable head Joe destroyed the USD by weaponizing it. The Ukie war cheerleaders will soon figure out they have been had by Senile Joe’s war…
Unfortunately, the damage can not be undone. Prepare accordingly.

[Navy Patriot]

Vegetable head Joe destroyed the USD by weaponizing it. The Ukie war cheerleaders will soon figure out they have been had by Senile Joe’s war… Unfortunately, the damage can not be undone.

Cheer up, the Uke Nazi Warmongers CAN make it worse for America.

[farmguy]

You want to freeze a countries assets, fine, declare war.

Otherwise you are just demonstrating you are a reliable custodian.

[farmguy]

UNreliable custodian