Switzerland Freezes Syrian Assets Worth $112 Million
The Swiss Ministry of Economy has disclosed that approximately 99 million francs (around $112 million) in Syrian assets have been frozen in Swiss banks due to sanctions imposed in 2011. These sanctions were enacted in alignment with the European Union's measures against the Syrian regime, specifically targeting President Bashar al-Assad and his associates for severe human rights violations. However, the ministry clarified that none of the frozen funds belong directly to Assad himself.
Background on Swiss Sanctions and Syrian Financial Relations
The sanctions against Syria were initiated in response to the brutal crackdown on dissent by Assad's government. Reports indicate that at one point, Swiss financial institutions held frozen Syrian assets totaling 130 million francs ($147 million). Despite the significant amount, the Swiss Ministry of Economy emphasized that the current frozen assets are relatively modest. The ongoing financial relations between Switzerland and Syria have been nearly non-existent since the sanctions were implemented, with Swiss banks largely withdrawing from the Syrian market, which was once lucrative in the early 2000s.
Future Implications for Syrian Assets in Switzerland
As the situation in Syria evolves, particularly following the recent developments regarding Assad's regime, Swiss banks are likely to remain cautious. The Swiss sanctions list currently includes 318 individuals and 87 entities associated with Syria and Assad, reflecting the ongoing scrutiny of financial relations. Despite the potential for increased focus on Syrian assets, it appears that Swiss banks will not actively pursue any funds purportedly belonging to Assad in the near future, maintaining their stance of financial isolation regarding Syria.
