Switzerland has frozen any assets held in the country by Venezuela’s Nicolas Maduro and his associates following his arrest by US forces in Caracas and subsequent transfer to the United States, the Swiss government said on Monday.
The Swiss Federal Council said the precautionary measure took effect immediately and will remain valid for four years. It is intended to prevent the possible outflow of illicitly acquired assets at a time of heightened political uncertainty in Venezuela.
“The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation,” the government said in a statement.
The asset freeze applies to Maduro and individuals associated with him as foreign politically exposed persons, but does not affect members of Venezuela’s current government, the Federal Council said. The measure comes in addition to sanctions Switzerland has imposed on Venezuela since 2018, including travel bans and asset freezes targeting specific individuals.
Swiss authorities said that if any frozen funds are determined to have been acquired illicitly, Switzerland would seek to return them for the benefit of the Venezuelan people.
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No figures were provided on the value of any assets potentially held in Switzerland by Maduro or his associates, and the government did not immediately respond to questions on whether any such assets had been identified.
The move follows Maduro’s arrest by US forces during a surprise operation in Caracas, an action that has sparked international debate and raised legal and diplomatic questions. Washington has long accused Maduro of overseeing a state-backed drug trafficking network, allegations he and his supporters have consistently denied.
Switzerland said the situation in Venezuela remains volatile, with several possible scenarios in the days and weeks ahead. The Federal Council said it was closely monitoring developments and urged all parties to exercise restraint.
Bern also said it stood ready to offer its good offices to help facilitate a peaceful solution, reflecting Switzerland’s long-standing tradition of diplomatic mediation.
Switzerland has frequently used asset freezes as a preventive tool in cases involving politically exposed persons from countries experiencing upheaval. Under Swiss law, such measures are designed to prevent capital flight while authorities assess whether assets may be linked to corruption, money laundering or other illicit activities.
The Alpine country has previously frozen assets linked to political figures from Egypt, Ukraine, Tunisia and Libya during periods of political transition or instability.
Maduro has been a controversial figure on the international stage since he succeeded Hugo Chavez in 2013. Many Western governments, including the United States and members of the European Union, have refused to recognise his legitimacy since his disputed re-election in 2018, citing irregularities and a lack of democratic guarantees.
Venezuela has faced a prolonged political and economic crisis marked by hyperinflation, shortages of basic goods and the exodus of millions of citizens. US and European sanctions, initially imposed to pressure Maduro’s government to restore democratic norms, have been blamed by Caracas for exacerbating the country’s economic difficulties.
Switzerland, which is not a member of the European Union, often aligns itself with EU sanctions regimes but implements its own measures under domestic law. Since 2018, Bern has imposed sanctions on dozens of Venezuelan officials accused of undermining democracy or violating human rights.
The latest asset freeze underscores Switzerland’s cautious approach amid rapidly evolving events. The Federal Council said the measure was preventive in nature and did not constitute a criminal judgment against those affected.
International reactions to Maduro’s arrest and the subsequent financial measures have been mixed, with some governments calling for respect for international law and due process, while others have welcomed steps aimed at accountability.
As developments continue to unfold, Switzerland said it would reassess the situation as needed, while maintaining its focus on preventing the misuse of its financial system and supporting efforts toward a peaceful resolution of Venezuela’s crisis.
