Switzerland’s warning: Trillions of CCP kleptocrats’ assets may be frozen if China invades Taiwan

The head of the Swiss State Secretariat for Economic Affairs (SECO), Marie-Gabrielle Ineichen-Fleisch, said in an interview to local media on the 30th that if Communist China invades Taiwan, Switzerland will follow the example of the Russian-Ukrainian war: abandon the principle of neutrality and follow the EU in adopting even tougher sanctions against China compare to that of Russia.

Ineichen-Fleisch stresses that she hopes things will never come to that point. But if it does, the sanctions against China would be far more drastic than sanctions against Russia, because the economic tie are much closer. Therefore, there are more discussions in the EU and United States as well as in Switzerland about China than about Russia. The Swiss Secretariat for Economic Affairs, the Swiss agency responsible for imposing economic sanctions, followed the lead of EU in February and imposed sanctions on individuals and entities linked to Russia’s invasion of Ukraine. As of this month, Switzerland has frozen 6.7 billion Swiss francs (about $7.04 billion) worth of Russian financial assets and 15 properties.

According to data released by the Swiss banks in 2019, the total amount of Chinese deposits in Switzerland have totaled more than a trillion U.S. dollars, while according to earlier information from WikiLeaks, common Chinese would never get the opportunity to save assets in Swiss banks. It is revealed that senior Chinese Communist Party (CCP) officials (kleptocrats) have about 5,000 accounts in Swiss banks, 70% of which belongs to individuals that hold “central level” positions in the CCP.