Switzerland has frozen assets held in the country by deposed Venezuelan President Nicolás Maduro and his 37 associates, following his arrest by U.S. forces in Caracas and transfer to the United States.
The measure, effective immediately and valid for four years, aims to prevent the outflow of potentially illicit assets and comes in addition to existing sanctions imposed on Venezuela since 2018, the government said in a statement.
According to the Swiss Foreign Ministry, the asset freeze does not affect members of the current Venezuelan government. The ministry added that it will seek to return any funds found to be illicitly acquired for the benefit of the Venezuelan people.
The Swiss government announced the decision on Monday, describing the situation as “volatile,” and stating that the freeze is intended to prevent any illicitly acquired funds from being moved out of the country under the current circumstances.
Officials emphasized that the decision is based solely on Maduro’s removal from power and the potential for future legal proceedings concerning illicit assets, rather than any judgment on the legality of his ouster.
Switzerland said it continues to monitor developments in Venezuela closely and urged all parties to exercise restraint, abide by international law, and respect the country’s territorial integrity, while reiterating its readiness to facilitate a peaceful resolution.
“The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation,” the statement said.
The asset freeze is a precautionary measure and applies to Maduro and his associates as foreign politically exposed persons, the government added.
