Frozen Fortunes: The Swiss Stranglehold on Syrian Assets

Switzerland currently holds 99 million Swiss francs ($112 million) in frozen Syrian assets, a move aligned with European Union sanctions on Syria since 2011. Recently, Switzerland expanded its sanctions list by adding three more individuals. Initial frozen assets totaled 130 million Swiss francs, influenced by market fluctuations.

The Swiss government has revealed that 99 million Swiss francs, equivalent to $112 million, are frozen in Syrian assets. The majority of these funds have been blocked since May 2011, when Switzerland enforced EU sanctions against Syria, according to the State Secretariat for Economic Affairs (Seco).

This week, in coordination with the European Union, Switzerland expanded its sanctions list by adding three Syrian-related individuals. A representative from Seco informed Reuters that the sanctions list now includes 318 individuals and 87 entities, though no comment was made regarding assets belonging to former Syrian President Bashar al-Assad.

Historically, Swiss financial bodies had restricted Syrian assets totaling 130 million Swiss francs or $147 million. This figure has varied due to factors such as changes in securities values, exchange rate fluctuations, and the removal of some sanctioned entities from the list, explained the Seco spokesperson.

(With inputs from agencies.)