Switzerland freezes assets of Venezuela’s Maduro following US arrest

Switzerland has frozen any assets held in the country by Venezuela’s Nicolas Maduro and his associates, the Federal Council said on January 5, following his arrest by U.S. forces in Caracas and transfer to the United States.

The measure, effective immediately and valid for four years, is intended to prevent an outflow of potentially illicit assets and adds to existing sanctions imposed on Venezuela since 2018, the statement said, Caliber.Az reports per foreign media.

The asset freeze does not affect members of the current Venezuelan government. Switzerland said it will seek to return any funds found to be illicitly acquired to benefit the Venezuelan people.

“The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation,” the government said.

The council described the situation in Venezuela as volatile, with various outcomes possible in the coming days and weeks. It said it was monitoring developments closely and called for de-escalation and restraint, while also offering its good offices to find a peaceful solution.

The asset freeze is a precautionary measure and applies to Maduro and his associates as foreign politically exposed persons, the statement said. No figures were given, and the government did not immediately respond to requests for comment on what, if any, assets Maduro and his associates hold in Switzerland.

The European Commission, through spokesperson Paula Pinheiro, has said it currently has no plans to freeze the assets of Venezuelan President Nicolás Maduro or his family, unlike Switzerland.

Pinheiro noted that Switzerland is an independent country capable of making its own decisions, and there is no information about any coordination of such actions by the EU

By Aghakazim Guliyev