The Swiss authorities saw no reason to confiscate the assets of Russians

Switzerland, which joined the EU sanctions, blocked the assets of Russians for 5.75 billion Swiss francs (about $6.17 billion), Erwin Bollinger, a spokesman for the Swiss State Secretariat for Economic Affairs (SECO), said, REUTERS reports. SECO oversees sanctions compliance.

“Today, for the first time, I can give you information about the amount of frozen funds. To date, SECO has been notified of funds and assets totaling approximately CHF 5.750 billion,” he said.

The estimated amount of all frozen assets could rise in the event of an expansion of EU sanctions, the official said.

The assets frozen include bank accounts, cash, real estate and art. They are blocked, but not confiscated, and remain the property of the owners, writes Swissinfo, citing Bollinger. He explained that the Swiss authorities have no legal grounds for additional actions in relation to the property of the Russians who fell under the sanctions.