Over $110 Million in Syrian Assets Frozen in Switzerland

Swiss authorities have confirmed that 99 million Swiss francs ($112 million) in Syrian assets are currently frozen in the country under sanctions imposed since 2011. The sanctions targeted individuals and entities associated with the regime of ousted Syrian President Bashar al-Assad but reportedly do not include any assets directly tied to Assad.

Sanctions and Asset Freezes

The funds were frozen as part of Switzerland’s alignment with European Union sanctions against the Syrian government for widespread human rights abuses. The measures came into effect during the early years of the Syrian civil war, which began in 2011.

According to Switzerland’s Economy Ministry, the frozen assets belong to individuals and entities under sanctions but exclude Assad himself.

Swiss Banking and Syrian Relations

Swiss media outlet Neue Zuercher Zeitung reported that financial ties between Switzerland and Syria have been minimal since the early 2000s. The report also noted that Switzerland’s banking industry, once engaged with Syria, largely withdrew from the country after the imposition of sanctions.

Following Assad’s overthrow by a rebel alliance and the capture of Damascus earlier this week, there has been little indication of any significant hunt for hidden Syrian assets in Swiss banks.

A Legacy of Secrecy

Switzerland’s banking system, known for its stringent confidentiality policies, has historically served as a haven for controversial funds. This reputation was cemented during World War II, when Nazi Germany deposited vast amounts of gold and other assets in Swiss banks.

Sanctions List

As of now, Switzerland’s sanctions related to Syria include:

• 318 individuals.
• 87 entities.

These sanctions aim to curb the financial activities of Assad’s allies and those connected to human rights violations during his rule.

A Turning Point for Syria

Assad’s toppling marks the end of over five decades of dynastic rule by his family. However, the financial and legal ramifications of his regime’s collapse are still unfolding, with Swiss authorities monitoring the situation closely.