GENEVA: More than USD880 million of Venezuelan assets have been frozen in Switzerland, the Swiss foreign ministry told AFP on Monday, for the first time providing a figure.
On January 5, a regulation blocking the assets of former Venezuelan president Nicolas Maduro entered into force. The measure also concerned his wife and other family members, as well as government ministers.
“As of today, Swiss financial intermediaries have reported a total of 687 million Swiss francs” have been frozen in connection with the regulation, said the foreign ministry, which did not provide a breakdown of assets by owner.
The ministry called the asset freeze a preventative measure.
“It is intended to prevent any capital flight and enable mutual legal assistance between Venezuela and Switzerland,” it added.
No current members of the Venezuelan government are covered by the regulation, noted the Swiss foreign ministry.
The asset freeze adds to sanctions in place since 2018, when Switzerland joined the European Union in taking measures against Venezuelan officials.
Around two-thirds of the total assets were frozen under the existing sanctions, meaning roughly $309 million was frozen under the January 5 regulation.
US military forces captured Maduro and his wife in a raid on the presidential palace in Caracas on January 3 and transported them to New York.
Maduro, 63, has pleaded not guilty to drug trafficking charges and declared that he is a “prisoner of war”.
Maduro ruled Venezuela between March 2013 and January 2026, silencing opposition and activists under his harsh rule.
Vice President Delcy Rodriguez has taken power on an interim basis and made numerous changes under pressure from Washington, including announcing an amnesty for political prisoners and opening the oil and gas sector to private investment.
American Dollar Exchange Rate