Switzerland says holds $8.3 bln in Russian central bank reserves

Switzerland holds 7.4 billion Swiss francs ($8.32 billion) of reserves and assets belonging to the Russian central bank, it said in a statement published on Wednesday as a result of new reporting obligations linked to sanctions against Russia.

Switzerland holds 7.4 billion Swiss francs ($8.32 billion) of reserves and assets belonging to the Russian central bank, it said in a statement published on Wednesday as a result of new reporting obligations linked to sanctions against Russia. The Swiss government said the bank's assets have been immobilised since March 25, 2022, when all transactions related to Russia's central bank were prohibited following Russia's invasion of Ukraine.

The new reporting obligation means assets linked to the central bank will be reported on a quarterly basis. The 7.4 billion francs belonging to the Russian central bank is separate to the 7.5 billion francs of funds and assets Switzerland has frozen because of ties to sanctioned persons, companies or entities.

Russia has said that in total around $300 billion of its international reserves were been frozen as a result of Western sanctions. Switzerland said it is following ongoing discussions in the European Union on whether Russian central bank assets should be invested and the proceeds used for the reconstruction of Ukraine. ($1 = 0.8889 Swiss francs)