$8.3 billion..Assets of the Russian Central Bank are held in Switzerland

The Swiss Ministry of Economic Affairs announced that a total of 7.4 billion Swiss francs (8.3 billion dollars) of reserves and assets of the Russian Central Bank are held in Switzerland.

The assets and reserves of the Russian Central Bank are off limits

The ministry said in a statement that transactions related to the management of assets and reserves of the Russian Central Bank have been prohibited for a month due to the Russian invasion of Ukraine that began in February 2022, adding that "the bank's assets cannot be used."

The statement said the Swiss government had been informed of the size of the Russian Central Bank's assets and reserves in the rich Alpine country after it imposed a new reporting requirement in March.

The Ministry of Economic Affairs stressed that "a distinction should be made between the sum of assets that cannot be used and the sum of funds and assets frozen in Switzerland".

European Union sanctions against Moscow

So far, Switzerland, a favorite destination for wealthy Russians and their assets, has frozen some 7.5 billion Swiss francs of Russian money and assets owned or managed by sanctioned persons, companies or entities.

And the traditionally neutral Switzerland decided, four days after Russia invaded Ukraine on February 24, 2022, to join the European Union sanctions against Moscow, and to oblige banks to transfer information about targeted customers or companies.

The statement stressed on Wednesday that "reporting on the reserves and assets of the Russian Central Bank will remain mandatory, and reports will be submitted regularly, every three months."

The statement indicated that “discussions are taking place” within the European Union about whether the assets of the Russian Central Bank should be invested and the proceeds used for the reconstruction of Ukraine.