2023-05-10 12:54:14
Some 7.4 billion Swiss francs (regarding 7.6 billion euros) of assets and reserves of Russia’s central bank are tied up in Switzerland, following Moscow’s invasion of Ukraine, a indicated Wednesday the Swiss ministry for the Economy.
Transactions related to the management of the reserves and assets of the Russian central bank have been prohibited since March 25, 2022. “The assets of the Central Bank of the Russian Federation are therefore fixed assets”, specifies the ministry (SECO) .
Discussions are underway within the European Union to possibly use the assets of the Russian Federation’s issuing institution for investment purposes and to allocate their income to the reconstruction of Ukraine.
“Switzerland is following the file closely”, underlines the ministry.
Sanctions
These central bank funds are not included in the calculation of the CHF 7.5 billion of assets and securities frozen in Switzerland and which are “owned or controlled by persons, companies or entities affected by sanctions”, specifies the ministry.
Switzerland, traditionally neutral, decided four days following the invasion of Ukraine by Russia on February 24, 2022, to align itself with the European Union sanctions once morest Moscow, obliging banks to transmit information on target customers or companies. This is also the case with the reporting obligation concerning the Central Bank of Russia.
Declarations remain mandatory and must be made quarterly but “in the event of exceptional and unforeseen loss or damage, the declaration to SECO does not suffer from any delay”, specifies the press release from the Swiss authorities.
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