Switzerland holds CHF7.4 billion of Russian central bank assets
The Russian central bank’s reserves and assets in Switzerland total CHF7.4 billion ($8.3 billion). Check the news Switzerland holds CHF7.4 billion of Russian central bank assets on Switzerland based Lifestyle Magazine- Kenleaks Magazine.
The economics ministry informed the government of this on Wednesday, after deciding on March 29 to make reserves and assets subject to reporting requirements, according to a statement.
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.
Individuals, organizations, and businesses that possess, control, or are counterparties to the Central Bank of the Russian Federation’s reserves and assets had until April 12 to declare this information to the Swiss State Secretariat for Economic Affairs (SECO). throughout compliance with EU sanctions against Russia, the reporting duty also applies throughout the European Union.
Since March 25, 2022, all transactions linked to the administration of reserves and assets of the Central Bank of the Russian Federation have been outlawed. This signifies that the bank’s assets have been frozen.
This figure should be contrasted from the figure for frozen funds and assets in Switzerland (CHF7.5 billion), according to the government. These are those owned or controlled by sanctioned persons, businesses, or entities, and are subject to asset freeze under Article 15 of the Ordinance on Measures Relating to the Situation in Ukraine.
The government stated that disclosing reserves and assets of the Russian central bank remained required, and that reporting will take place on a quarterly basis. “In the event of extraordinary and unforeseen loss or damage, there is an obligation to immediately report this to SECO,” it said.
The EU is currently debating whether the Russian central bank’s assets should be invested and the revenues utilized to rebuild Ukraine. According to the government, Switzerland is closely monitoring these conversations.
Check the news Switzerland holds CHF7.4 billion of Russian central bank assets on Switzerland based Lifestyle Magazine- Kenleaks Magazine.