GENEVA, Switzerland—In a significant financial move, the Swiss government announced on Monday the immediate freezing of all assets held within its jurisdiction by former Venezuelan president Nicolas Maduro and his close associates. This decisive action follows the dramatic capture of Maduro in Caracas through a U.S. military operation and his subsequent extradition to New York to face narcotrafficking charges.
The Federal Council characterized Venezuela’s political climate as ‘volatile’ and justified the asset seizure as a precautionary measure to prevent the potential transfer of illicitly acquired funds from Swiss financial institutions. The freeze, enacted under Switzerland’s Federal Act on the Freezing and Restitution of Illicit Assets Held by Foreign Politically Exposed Persons, will remain in effect for an initial period of four years, pending further evaluation.
Official statements clarified that the measure specifically targets individuals not previously covered by existing Venezuelan sanctions implemented since 2018. Crucially, the freeze does not apply to members of Venezuela’s current government administration.
The Swiss government emphasized that the legal circumstances surrounding Maduro’s removal from power—whether constitutional or contrary to international law—do not factor into the asset freezing decision. Rather, the determining consideration is the factual change in power status and the increased likelihood of future legal proceedings by Venezuela regarding allegedly illicit assets.
Bern concurrently expressed concern over Venezuela’s unstable situation, advocating for de-escalation, restraint, and adherence to international law principles including the prohibition of force and respect for territorial integrity. Switzerland has repeatedly offered its diplomatic services to facilitate peaceful conflict resolution.
The government further committed that should future legal proceedings confirm the illicit nature of the frozen assets, Switzerland would work to ensure these resources ultimately benefit the Venezuelan population.