CHF 7.4 billion of Russian central bank assets held in Switzerland
Bern, 10.05.2023 - The total amount of reserves and assets of the Russian central bank held in Switzerland is approximately CHF 7.4 billion. The Federal Council was informed of this on 10 May 2023, having decided on 29 March to make the reserves and assets subject to a reporting requirement.
Persons, 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 SECO by 12 April 2023. The reporting obligation also applies in the EU in accordance with the EU sanctions against Russia.
The total amount of reported reserves and assets of the Russian central bank held in Switzerland is around CHF 7.4 billion.
Since 25 March 2022 all transactions related to the management of reserves and assets of the Central Bank of the Russian Federation have been prohibited. This means that the bank's assets have been immobilised.
This sum of immobilised assets should be distinguished from the sum of frozen funds and assets in Switzerland (CHF 7.5 billion); the latter are those owned or controlled by sanctioned persons, 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.
It will remain 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.
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.
Address for enquiries
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