Switzerland says it knows of $48.5 billion in Russian assets

BERLIN (AP) — Swiss authorities say they have been notified of 46.1 billion francs ($48.5 billion) in assets held by Russian nationals and entities in the Alpine country since sanctions were introduced earlier this year. Switzerland, which isn’t a European Union member but has close relations with the 27-member bloc, applied EU sanctions against Russia following Moscow’s invasion of Ukraine in February. Among the measures, it has been forbidden since shortly after the war began to accept deposits of more than 100,000 francs from Russian citizens or entities. Existing deposits above that level had to be reported to Swiss authorities by early June.