Erwin Bollinger explained it The frozen funds include both Russian funds and assets.
This is because Switzerland implemented another package Sanctions imposed by the European Union on Russia. This was Switzerland’s historic decision as the country had so far been neutral. For example, the export of goods and related services to the Russian energy sector from Switzerland, the operation of Russian energy companies in Switzerland and the granting of loans to Russian entities are prohibited.
Switzerland also introduced, inter alia, a ban on transactions with some Russian state-owned companies and the provision of rating services.
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In mid-March, the Swiss Bankers Association (SBA) estimated that Russians have between 150 billion and 200 billion Swiss francs in Swiss banks. Thus, the dollar value of their wealth could reach $213 billion
In Switzerland, among other countries, in the footsteps of the three most Influential oligarchs from Vladimir Putin’s circle. One of them is Alisher Usmanov, described by the European Union as “a Kremlin-friendly oligarch who maintains particularly close relations with Russian President Vladimir Putin”. His fortune before the start of the war between Russia and Ukraine was estimated at about $15 billion.
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