OREANDA-NEWS  The amount of Russian assets frozen in Switzerland has decreased by $1.86 billion compared to December 2022, according to a statement published on the website of the Federal Council of Switzerland.

As of December 31, 2023, the total value of assets frozen due to sanctions imposed on Russia amounted to 5.8 billion Swiss francs, which is 1.7 billion less than the figure announced in December 2022. This difference can be explained by the decrease in the value of securities.

Following the start of the conflict in Ukraine, the European Union and G7 countries froze approximately half of Russia's foreign exchange reserves, worth around 300 billion euros, with about 200 billion being held in the EU, primarily in the accounts of Euroclear Belgium, one of the largest clearing and settlement systems in the world. Currently, the West is exploring ways to utilize these funds to support Ukraine.The European Central Bank has warned that this situation could have long-term reputational risks for the euro, and has called for a more holistic approach to addressing the conflict in Ukraine. The bank has urged the international community to look beyond this specific conflict and explore other ways to support Kiev.