Swiss Sanctions on Russia: Rising Frozen Assets Amid Investigations

Swiss authorities have frozen Russian assets worth 7.4 billion Swiss francs due to economic sanctions. The increase reflects new blocks amid a criminal investigation into sanctions breaches and money laundering. Notably, four individuals linked to Russian billionaire Suleiman Kerimov are under scrutiny.

The value of Russian assets frozen in Switzerland due to economic sanctions saw a significant rise, reaching 7.4 billion Swiss francs by March 2025, up from 5.8 billion francs the previous year, according to a Swiss government announcement on Tuesday.

Switzerland cited a 1.6 billion franc increase, attributing it to newly identified and seized funds. The Swiss economy ministry unveiled that a continuing criminal investigation into suspected sanctions violations and money laundering was being conducted by the Swiss attorney general's office, leading to the increased asset freeze.

While details on the entities involved were not disclosed, it was revealed in August 2024 that assets worth 1.3 billion francs were provisionally frozen, focusing scrutiny on four individuals associated with sanctioned Russian billionaire Suleiman Kerimov. Among the blocked assets are properties, luxury vehicles, aircraft, and artwork.

(With inputs from agencies.)