Switzerland Freezes $880 Million in Assets Linked to Nicolás Maduro

The government of Switzerland froze more than $880 million in assets linked to Venezuelan leader Nicolás Maduro to prevent potentially illicit funds from leaving the country and preserve them for future legal proceedings.

According to AFP, the figure of 687 million Swiss francs (roughly $880 million) frozen under the new rules was disclosed by the Swiss Foreign Ministry in response to questions from reporters. This is the first time Swiss authorities have provided an overall valuation for assets blocked in connection with the regulation.

Swiss authorities moved swiftly after Nicolás Maduro's capture by U.S. forces in early January. On January 5, 2026, the Swiss Federal Council approved an ordinance to freeze any assets held in Switzerland by Maduro and politically exposed persons connected to him. The measure, issued under Switzerland's Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons, took effect immediately and will remain in force for at least four years.

According to the Swiss government's press release, the freeze is intended as a precautionary step to stop potentially illicit assets from being moved out of Switzerland amid a highly volatile situation in Venezuela. Federal authorities said that if subsequent proceedings conclude that the funds were acquired illegally, Switzerland will work to ensure they are returned in a way that ultimately benefits the Venezuelan people.

The asset freeze does not target members of Venezuela's current government. Swiss officials clarified that the action focuses on individuals previously outside Swiss sanctions lists, including Maduro and 36 other people linked to him. They also pointed out that existing sanctions targeting Venezuela have been in place for years.

The country has imposed measures under its Embargo Act since 2018, aligned with European Union sanctions that included asset freezes and travel bans for Venezuelan officials in response to human rights concerns and alleged abuses of democratic procedures in Caracas. The new freeze expands on those earlier steps by specifically targeting Maduro and close associates under broader authority to block politically exposed persons' foreign assets.

For decades, Swiss banks have been a prime destination for international capital, including funds held by foreign leaders, wealthy investors, and politically exposed persons. Switzerland's 2015 Foreign Illicit Assets Act gives authorities legal tools to act if a foreign regime change or loss of power suggests an elevated risk that funds could be subject to future seizure or mutual legal assistance requests.

Nevertheless, Swiss government officials have not publicly detailed the composition of the frozen assets or offered evidence directly linking them to corruption or criminal misconduct. The freeze, they say, is designed to preserve the assets until courts or mutual assistance proceedings can investigate their origin.