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Sensational/ Switzerland blocks more than $880 million of Maduro!

2026-02-24 09:17:03Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Sensational/ Switzerland blocks more than $880 million of Maduro!
Nicolas Maduro

Switzerland announced on January 5 that it would freeze "all assets" of former Venezuelan President Nicolas Maduro , following his arrest and drug trafficking charges by the United States.

The measure was taken as a "prevention" to avoid the possible departure of funds abroad and has also involved 36 other Venezuelan citizens.

As Business Recorder writes, it is about more than 880 million dollars that are blocked in Switzerland.

However, legal experts suggest that after previous Swiss sanctions, few local banks can hold such funds.

Swiss measures against Venezuela

As Swissinfo writes, since 2018, Switzerland has followed European Union sanctions against Venezuela, including banning the supply of military equipment, repression or surveillance equipment, as well as imposing asset freezes and travel bans.

Under Swiss law, the funds of individuals called "politically exposed persons" or their relatives can be blocked, confiscated and returned to their legitimate owners in the event of a risk of transfer abroad.

Expert Mark Pieth points out that holding Maduro's funds has been prohibited for years, and the latest announcements do not constitute a new move on existing sanctions.

Why is Switzerland acting now?

The latest decision comes as Maduro has now been arrested and indicted by the US. Swiss authorities are making sure they are ready for any future requests from foreign prosecutors or governments for legal assistance.

In practice, even though Maduro ends up with assets in Switzerland, this does not mean that the funds are illegal.

The law does not oblige Switzerland to follow US or European Union sanctions, but Swiss banks are careful to avoid the risk of secondary sanctions or action by financial market authority FINMA.

What happens to the money if it is illegal?

If any of Maduro's funds are found to be linked to corruption or criminal activities, Switzerland could negotiate with another country for a repatriation agreement.

Money should go to benefit the population and should not be diverted into channels of corruption.

Switzerland has experience with this approach since the 1980s, starting with the assets of Philippine dictator Ferdinand Marcos, then Haiti's Jean-Claude Duvalier or Mobutu Sese, imposing temporary freezes and confiscations on assets linked to toppled autocratic regimes.

Expert Pieth emphasizes that most of these assets will remain blocked until there is a stabilized government in Venezuela, and there is no clear legal basis for transferring them to the US./ Swissinfo


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