ZURICH, May 12 (Reuters) - The Swiss government on Thursday reported 6.3 billion Swiss francs ($6.33 billion) worth of Russian assets frozen under sanctions to punish Moscow's invasion of Ukraine, a drop from early April as around 3.4 billion francs in provisionally blocked assets were released.

The figure marked a decrease from roughly 7.5 billion Swiss francs in funds the government reported frozen on April 7. Government official Erwin Bollinger pointed to fewer funds -- 2.2 billion francs -- newly frozen than those that had been released.
"We can't freeze funds if we do not have sufficient grounds," Bollinger, a senior official at the State Secretariat for Economic Affairs (SECO) agency overseeing sanctions, told journalists.

Pressure has increased on Switzerland -- a popular destination for Moscow's elite and a holding place for Russian wealth -- to more quickly identify and freeze assets of hundreds of sanctioned Russians.

The U.S. Helsinki Commission, a government-funded independent commission which looks at security, cooperation and human rights issues in Europe, in early May called Switzerland "a leading enabler of Russian dictator Vladimir Putin and his cronies", who the commission said used "Swiss secrecy laws to hide and protect the proceeds of their crimes".

The Swiss government rejected the accusations "in the strongest possible terms", while Swiss President Ignazio Cassis had requested the U.S. government "correct this misleading impression immediately" during a telephone call with U.S. Secretary of State Antony Blinken.

Swiss banks hold up to $213 billion of Russian wealth, Switzerland's bank lobby estimates, with its two largest lenders UBS (UBSG.S) and Credit Suisse (CSGN.S) each holding tens of billions of francs for wealthy Russian clients.

Credit Suisse alone froze some 10.4 billion Swiss francs of that money through March under sanctions imposed in connection with the invasion.

Credit Suisse's reporting did not make clear how much of that money was frozen in Switzerland.

While banks and asset managers can provisionally freeze funds, SECO officials on Thursday said funds needed to be released if they could not establish the assets were directly owned or controlled by a sanctioned individual.

"The amount of assets frozen is not a measure of how effectively sanctions are being implemented," Bollinger said, adding asset freezes were "by far" not the most important measure in a wide-ranging packet of sanctions.
https://www.reuters.com/business/finance/swiss-release-some-frozen-russian-assets-2022-05-12/

Ok

Na small small

Swiss banks made a mistake
Many are already moving their money to Chinese Bank.
By the time this war is over many countries will stop packing all their money to Swiss bank.
Swiss have always been neutral, from WW2 till now.

seunny4lif:
Swiss banks made a mistake
Many are already moving their money to Chinese Bank.
By the time this war is over many countries will stop packing all their money to Swiss bank.
Swiss have always been neutral, from WW2 till now.

Why do you guys like typing lies?. Move your money to China and regret it. You think it's easy for you to send money out from China after sending it in? You will end up buying goods with it.

BritishNaija:


Why do you guys like typing lies?. Move your money to China and regret it. You think it's easy for you to send money out from China after sending it in? You will end up buying goods with it.

Lie or not, don't u think many countries would think twice before... When America can wake up one day and freeze your money.

Swiss have a nuetral policy up till now

baralatie:
Swiss have a nuetral policy up till now

Yet the freeze Russia money?

tamdun:

Yet the freeze Russia money?

I believe it was an error
It is been misinformed on where they should stand with west or east
Their reply should have been
We were nuetral since ww2
Swiss stands nuetral

baralatie:

I believe it was an error
It is been misinformed on where they should stand with west or east
Their reply should have been
We were nuetral since ww2
Swiss stands nuetral

Swiss no get sense.. They have always been known to be neutral. They should have stayed neutral.. Yeye

To satisfy US......sanction on paper and media and in the background they are opening Rubble account���US/NATO failed again. Soon Russia will tell them gas will go off if they send weapon to Ukraine again���

Swiss should be neutral in this war.

tamdun:

Lie or not, don't u think many countries would think twice before... When America can wake up one day and freeze your money.

You can put money in any country but not China, except you want your money converted Into goods. The law in China is something else.

BritishNaija:


Why do you guys like typing lies?. Move your money to China and regret it. You think it's easy for you to send money out from China after sending it in? You will end up buying goods with it.

It’s clearly you don’t know what you are typing.
Swiss has always been neutral country for long time and that’s why countries choose to keep money there, Swiss rushed to USA demand has costed them billions already and many countries have saw them as not neutral country again.
If you have ever been to Swiss then you will understand why.

I guess all this countries laying sanctions on Russia will withdraw one by one, the sanction self Na sham from day zero

seunny4lif:
Swiss banks made a mistake
Many are already moving their money to Chinese Bank.
By the time this war is over many countries will stop packing all their money to Swiss bank.
Swiss have always been neutral, from WW2 till now.

Unfortunately for them you're right,one of the big whips here in the US where I work withdrew over 40 of his clients account from swiss, accounts worth more a $100m

shogsman:

Unfortunately for them you're right,one of the big whips here in the US where I work withdrew over 40 of his clients account from swiss, accounts worth more a $100m

NATO even want Swiss to join but the NATO anti protests in Swiss and same in Austria.
Massive pro Russia protests in Austria on Monday.

seunny4lif:

It’s clearly you don’t know what you are typing.
Swiss has always been neutral country for long time and that’s why countries choose to keep money there, Swiss rushed to USA demand has costed them billions already and many countries have saw them as not neutral country again.
If you have ever been to Swiss then you will understand why.

I'm not talking about Swiss, I'm talking about your lieing that people are moving their money to China of all places. And beside, nothing or no fool will move out his bilions from Bank capital which is Switzerland and send to China, their position about the War changes nothing. I hate lies, just because you don't support West should not mean disinformation

BritishNaija:


I'm not talking about swiss, I'm talking about your lieing that people are moving their money to China of all places.

Common bro.
Do research on it

seunny4lif:

Common bro.
Do research on it

Nothing to Research about, It's the fact. Even when your Goverment borrowed from China, China don't give you US dollars, But through products/services that will help you build what you need the loan for. This is how Chinese Goverment grow their Economy, you bring in USDollars But can't easily send it out.

BritishNaija:
Nothing to Research about, It's the fact. Even when your Goverment borrowed from China, China don't give you US dollars, But through products/services that will help you build what you need the loan for. This is how Chinese Goverment grow their Economy, you bring in USDollars But can't easily send it out.

China want to grow their own currency.
No country give you cash, whatever you want to do, the country you want to borrow from will pay the service except when USA paid Iran that cash during Obama term.

seunny4lif:

China want to grow their own currency.
No country give you cash, whatever you want to do, the country you want to borrow from will pay the service except when USA paid Iran that cash during Obama term.

My point is that, No one moves their money from Switzerland to China.