Switzerland holds CHF7.4 billion of Russian central bank assets

2023-05-10 16:11:08

Since March 25, 2022, all transactions related to the management of reserves and assets of the Central Bank of the Russian Federation have been prohibited Keystone / Maxim Shipenkov

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The total amount of reserves and assets of the Russian central bank held in Switzerland is CHF7.4 billion ($8.3 billion).

This content was published on May 10, 2023

May 10, 2023

swissinfo.ch/ts

The government was informed of this by the economics ministry on Wednesday, having decided on March 29 to make the reserves and assets subject to a reporting requirement, it said in a statementExternal link.

Individuals, organisations and entities that hold, control or are counterparties to reserves and assets of the Central Bank of the Russian Federation had to report this information to the Swiss State Secretariat for Economic Affairs (SECO) by April 12. The reporting obligation also applies in the European Union in accordance with the EU sanctions once morest Russia.

Since March 25, 2022, all transactions related to the management of reserves and assets of the Central Bank of the Russian Federation have been prohibited. This means the bank’s assets have been immobilised.

This sum of immobilised assets should be distinguished from the sum of frozen funds and assets in Switzerland (CHF7.5 billion), the government said. The latter are those owned or controlled by sanctioned individuals, 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 government said it remains mandatory to report reserves and assets of the Russian central bank, and reporting will take place regularly, on a quarterly basis. “In the event of extraordinary and unforeseen loss or damage, there is an obligation to report this immediately to SECO,” it said.

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. Switzerland is following these discussions closely, the government said.

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