Switzerland holds US$8.3B of Russian central bank assets

GENEVA, Switzerland - The Swiss government on Wednesday announced that the total amount of reserves and assets of the Russian central bank held in the country is 7.4 billion Swiss francs (US$8.3 billion), reported Anadolu.

The Federal Council was informed of this on Wednesday, after deciding on March 29 to subject reserves and assets to reporting requirements, the government said in a statement.

Individuals, organisations, and entities that hold, control, or are counterparties to the Central Bank of the Russian Federation's reserves and assets were required to provide this information to the State Secretariat for Economic Affairs by April 12, it said.

The reporting obligation also applies in the EU in accordance with the EU sanctions against Russia, the statement added.

Since March 25, 2022, all transactions involving the management of the Russian Federation's Central Bank's reserves and assets have become outlawed, so the bank's assets have been frozen amid the ongoing Moscow-Kyiv war which started on Feb. 24 last year.

According to the Swiss government, the country closely monitors the EU debate on whether the Russian central bank's assets should be invested and if the proceeds should be utilised to rebuild Ukraine. - BERNAMA-ANADOLU