- Switzerland Orders Asset Freeze on Maduro, Associates After Arrest
- Swiss authorities described the situation in Venezuela as volatile
- The newly frozen assets involve individuals who were not previously subject to Swiss sanctions
The Swiss government on Monday announced the immediate freezing of all assets in Switzerland linked to former Venezuelan President Nicolás Maduro and individuals closely associated with him.
Eko Hot Blog gathered that the decision followed Maduro’s capture in Caracas during a United States military operation and his subsequent transfer to New York, where he is facing narcotrafficking charges.
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Swiss authorities described the situation in Venezuela as volatile, saying the asset freeze was imposed to prevent any funds suspected to be illicitly acquired from being transferred out of the country.
“As a precautionary measure, Switzerland has decided to freeze any assets held by Mr Maduro and those closely associated with him,” the government said in a statement, adding that the measure will remain in force for 4 years or until further notice.
The government clarified that the action does not apply to members of Venezuela’s current administration.
Swiss officials noted that if future legal proceedings establish that the frozen funds were obtained unlawfully, Switzerland would seek to ensure that the assets are ultimately returned for the benefit of the Venezuelan people.
The move was taken under Switzerland’s Federal Act on the Freezing and Restitution of Illicit Assets Held by Foreign Politically Exposed Persons and builds on existing sanctions imposed on Venezuela since 2018, which already included asset restrictions.
According to Bern, the newly frozen assets involve individuals who were not previously subject to Swiss sanctions.
The Swiss government stressed that the decision was based solely on Maduro’s removal from power and the potential for future legal proceedings regarding illicit assets, and not on any assessment of the legality of his ouster.
Switzerland said it would continue to closely monitor developments in Venezuela and called on all parties to exercise restraint, respect international law, and uphold Venezuela’s territorial integrity, while reaffirming its readiness to support efforts toward a peaceful resolution.
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