The Swiss Federal Council revealed on Monday that it has immediately frozen all financial assets of former Venezuelan President Nicolás Maduro and his associates within Swiss territory. This action follows Maduro's apprehension by U.S. forces on January 3 in Caracas.
In an official statement from Bern, the Swiss government outlined that the move aims to "prevent the outflow of funds potentially acquired through illicit means." The statement emphasized that this decision does not impact the current Venezuelan government members led by Delcy Rodríguez.
"Should future legal proceedings prove that these funds were obtained unlawfully, Switzerland is committed to ensuring they benefit the Venezuelan people," the statement declared, noting that this action complements sanctions against Venezuela in place since 2018 under the Embargo Law.
The Federal Council defended its decision under the Federal Act on the Freezing and Restitution of Illicitly Acquired Assets by Politically Exposed Persons (FIAA), which permits the preventive freezing of assets belonging to ousted former leaders or those under investigation for corruption. The freeze is effective immediately and initially set to last four years.
This is not Switzerland's first measure of this kind. Since 2018, the country has been involved in probing allegedly misappropriated Venezuelan funds linked to the state-owned company PDVSA (Petróleos de Venezuela S.A.) as part of international judicial cooperation.
Bern also urged for calm and adherence to international law, reiterating its opposition to the use of force and its readiness to mediate. "The situation is volatile, and various scenarios are possible in the coming days and weeks," warned the statement.
With this decision, Switzerland becomes the first European nation to take action on Maduro’s personal assets following his detention, marking a new phase in international pressure on the former Venezuelan leader's circle.
Understanding Switzerland's Action Against Maduro
Why did Switzerland freeze Nicolás Maduro's assets?
Switzerland froze Nicolás Maduro's assets to prevent the outflow of funds potentially obtained through illicit means and to ensure they may benefit the Venezuelan people if proven unlawful.
What law allows Switzerland to freeze assets?
The Federal Act on the Freezing and Restitution of Illicitly Acquired Assets by Politically Exposed Persons (FIAA) allows Switzerland to freeze assets of ousted leaders or those under corruption investigation.
How long will the asset freeze last?
The asset freeze is effective immediately and initially set to last for four years.