The government was informed of this by the economics ministry on Wednesday, having decided on March 29 to make the reserves and assets subject to a reporting requirement, it said in a statementExternal link.
Individuals, organisations and entities that hold, control or are counterparties to reserves and assets of the Central Bank of the Russian Federation had to report this information to the Swiss State Secretariat for Economic Affairs (SECO) by April 12. The reporting obligation also applies in the European Union in accordance with the EU sanctions against Russia.
Since March 25, 2022, all transactions related to the management of reserves and assets of the Central Bank of the Russian Federation have been prohibited. This means the bank’s assets have been immobilised.
More
More
Could Switzerland seize Russia’s foreign reserves for Ukraine reconstruction?
This content was published on
To know if this controversial idea is feasible, Switzerland must wade through a host of prickly legal questions.
This sum of immobilised assets should be distinguished from the sum of frozen funds and assets in Switzerland (CHF7.5 billion), the government said. The latter are those owned or controlled by sanctioned individuals, companies or entities and are subject to the freezing of assets as set out in Article 15 of the Ordinance on Measures Relating to the Situation in Ukraine.
The government said it remains mandatory to report reserves and assets of the Russian central bank, and reporting will take place regularly, on a quarterly basis. “In the event of extraordinary and unforeseen loss or damage, there is an obligation to report this immediately to SECO,” it said.
In the EU there are ongoing discussions on whether assets of the Russian central bank should be invested and the proceeds used for the reconstruction of Ukraine. Switzerland is following these discussions closely, the government said.
More
More
Swiss government refuses to confiscate Russian assets
This content was published on
The Swiss government says the confiscation of private Russian assets would undermine the Swiss constitution.
Justice minister warns over Swiss parliament protest against climate ruling
This content was published on
Justice Minister Beat Jans says a possible declaration by the Swiss parliament against the European Court of Human Right (ECHR’s) recent landmark climate ruling against Switzerland could be problematic.
This content was published on
Talks aimed at reaching a global agreement on how to better fight pandemics will be concluded by 2025 or earlier if possible, the Geneva-based World Health Organization (WHO) said on Saturday.
This content was published on
Switzerland supports a new peace proposal pushed by US President Joe Biden for a hostage agreement and a ceasefire in Gaza.
Parts of Switzerland and Germany waterlogged as heavy rains continue
This content was published on
Heavy rains continue to affect eastern Switzerland and the centre of the country. Flooding, landslides and damage to infrastructure have been reported. Further rains are forecast on Sunday.
Study: high pollen concentrations increase blood pressure
This content was published on
A high concentration of pollen can increase blood pressure in allergy sufferers, according to a Swiss study. The effect is much more pronounced in women and people who are overweight.
New asylum regulations come into effect in Switzerland
This content was published on
Several asylum-related changes come into effect in Switzerland on June 1 aimed at improving the employment and housing situations of refugees.
Swiss unions call for CHF5,000 monthly salary for qualified apprentices
This content was published on
All workers who have completed an apprenticeship should earn at least CHF5,000 per month, the Swiss Trade Union Federation said on Friday.
Flooding risks in parts of Switzerland and Germany after heavy rains
This content was published on
There is a significant risk of flooding on the River Rhine from Lake Constance to Basel and on the Thur River in canton Thurgau in eastern Switzerland.
Swiss voters could have final say on confiscating Russian money
This content was published on
No quick decisions should be made when discussing the confiscation of Russian assets for the reconstruction of Ukraine, says foreign minister.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.