On 12 May 2022, Switzerland’s State Secretariat for Economic Affairs (SECO) announced the release of CHF 3.4 billion of funds that was initially frozen in relation to sanctions against specified Russian individuals and companies, reported RTS. © Swisshippo | Dreamstime.comThe release of the funds follows highly comprehensive analysis to establish whether the funds belonged to any people or entities on the sanction list, according to SECO. The CHF 3.4 billion to be released is part of around CHF 10 billion initially frozen because of its suspected links to sanctioned individuals and companies. A total of CHF 6.3 billion remains subject to sanctions, along with 11 real estate assets in four Swiss cantons. Anglo-American investor Bill Browder voiced his surprise than so little money had been frozen in Switzerland given Swiss banks have between CHF 150 and 200 billion of Russian funds on their books, according to an estimate by the Association of Swiss bankers.
