The volume of Russian assets frozen in Switzerland due to sanctions following the onset of the war in Ukraine has shrunk, the State Secretariat for Economic Affairs (SECO) reported on Tuesday.
This is mainly due to the loss in value of investments, for example due to share price declines and exchange rate fluctuations, it said.
The volume fell from 7.5 billion Swiss francs ($8.2 billion) to 5.8 billion Swiss francs within a year by the end of 2023.
Investigations into funds worth 140 million francs revealed that the legal requirements for a freeze were not met in those cases.
Over the course of the past year, a further 580 million francs was frozen. A total of 17 properties as well as works of art, instruments and sports and luxury vehicles are also currently frozen.
Switzerland has been criticized because experts suspect that there is a lot more money held there from Russian oligarchs close to the government in Moscow.
The Swiss Bankers Association had estimated the total amount of assets held by Russian clients in 2022 at 150 to 200 billion francs.
However, the majority of these belong to people and companies that are not affected by sanctions, SECO emphasized.
Switzerland has adopted all of the European Union's sanctions packages. Despite its neutrality, it decided to do so after the Russian attack on Ukraine in February 2022.
SECO says does not believe that large sums belonging to sanctioned persons or companies in Switzerland are still undiscovered. But it is possible that further assets will be blocked in the event of new sanctions packages.
It is monitoring the discussions in Europe and the US regarding the possible use of the interest accrued on this in favour of Ukraine. However, the situation is legally complicated because the funds are held in commercial bank accounts in Switzerland.