Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Over $8B in Russian Central Bank assets immobilized in Switzerland

The Swiss Federal Department of Economic Affairs has frozen approximately $8.3 billion in assets owned by the Russian Central Bank, according to a new report.

The Swiss Federal Department of Economic Affairs announced Wednesday that approximately $8.3 billion in Russian Central Bank assets has been immobilized inside Switzerland.

The Swiss government learned of the assets after instituting a new reporting requirement in March.

"The total amount of reserves and assets of the Russian Central Bank held in Switzerland is approximately CHF 7.4 billion," the ministry wrote in a statement. "The Federal Council was informed of this on 10 May 2023, having decided on 29 March to make the reserves and assets subject to a reporting requirement."

Switzerland began sanctioning Russian finances on Feb. 28, 2022 following the country's invasion of Ukraine.

THE FUTURE IS NOW: CHINA, RUSSIA REVERT TO PRE-1989 WORLD AND FUNDAMENTALLY CHALLENGE THE US-LED WEST

The ministry emphasized a difference in categorization between what they call "immobilized" assets and "frozen" assets — two terms often used interchangeably by officials and the press.

CHINA'S FOREIGN MINISTER SAYS COUNTRY HAS NO INTENTIONS OF BENEFITING FROM THE WAR IN UKRAINE

"This sum of immobilised assets should be distinguished from the sum of frozen funds and assets in Switzerland (CHF 7.5 billion); the latter are those owned or controlled by sanctioned persons, companies or entities and are subject to the freezing of assets as set out in Article 15 of the Ordinance on Measures Relating to the Situation in Ukraine," the ministry wrote.

The Swiss government also alluded to considerations of investing seized Russian Central Bank finances to create an Ukraine reconstruction fund.

"In the EU there are ongoing discussions on whether assets of the Russian Central Bank should be invested and the proceeds used for the reconstruction of Ukraine," the Ministry of Economic Affairs wrote. "Switzerland is following these discussions closely."

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.