Since November 2022, the value of private Russian financial assets blocked in Switzerland has decreased by 1.7 billion francs to 5.8 billion francs, mainly due to the poor price development of Russian stocks. The market values of interest-bearing securities have also fallen due to the increase in interest rates, and asset releases totaling 140 million francs have occurred since November 2022. Despite the damage caused by economic sanctions against Russia, reports of suspicion regarding evasion of sanctions have led to 50 administrative criminal proceedings, with 34 cases concluded.
The decline in the value of financial assets is surprising given the rise in many share prices since November 2022. However, foreign currencies have lost value against the Swiss franc, leading to lower values for foreign securities when converted into francs. In addition to financial assets, there are also 17 blocked properties in seven cantons, luxury vehicles, works of art, and furniture.
Seco reports that the price drops in Russian stocks indicate the effectiveness of economic sanctions against Russia. Despite the damage caused by sanctions, Russia has continued its war of aggression against Ukraine. The economic and financial damage in Russia has not been sufficient to stop its aggressive actions. According to Seco, large assets of the Russian Central Bank are also blocked in the West, with around 300 billion US dollars frozen.