Swiss freeze more than $6 billion worth of sanctioned Russian assets

FILE PHOTO: People hold banners and Ukrainian flags during an anti-war protest, after Russia launched a massive military operation against Ukraine, in front of the United Nations Office in Geneva, Switzerland, February 26, 2022. REUTERS/Pierre Albouy

Switzerland has frozen around 5.75 billion Swiss francs ($6.17 billion) worth of Russian assets covered by sanctions, and that amount is likely to rise, a government official said on Thursday.

"Today, for the first time, I can give you an indication of the amount of frozen funds. To date, SECO has been notified of funds and assets totalling around 5.750 billion Swiss francs," said Erwin Bollinger, a senior official at the State Secretariat for Economic Affairs (SECO) agency overseeing sanctions.