The Swiss government has decided to freeze assets held by Venezuelan President Nicolás Maduro and other individuals associated with him with immediate effect. According to Swiss authorities, this measure aims to prevent these assets from leaving the country and, if future legal proceedings confirm that they were obtained illegally, the assets will be sought to be returned to the Venezuelan people.
Switzerland has imposed sanctions on Venezuela since 2018, including asset freezes and travel bans on 54 individuals involved in government structures. The exact nature of the assets Maduro holds in Switzerland has not been disclosed, but a 2021 report, based on leaked documents, suggested that Swiss prosecutors had identified bank accounts worth about $10 billion that may have stemmed from embezzled public funds in Venezuela.
The asset freeze takes effect immediately and will remain in effect for four years, until otherwise notified by the Swiss authorities.
