Part of Usmanov's assets unblocked in Switzerland

The Swiss State Secretariat for Economic Affairs (SECO) has released over €6.5 million from accounts at Credit Suisse tied to trusts previously linked to businessman Alisher Usmanov. According to a report by the "Tages-Anzeiger" newspaper, the funds will be used to cover storage and maintenance costs for assets in other jurisdictions.  

Usmanov's lawyer clarified that the unblocked funds do not belong to Usmanov or his sister directly but are held by trusts established by the businessman "many years ago." However, SECO's decision indicates that these trusts are under the direct or indirect control of Usmanov or his sister.  

SECO has the authority to unblock assets in exceptional circumstances, such as when individuals subject to sanctions prove financial hardship or demonstrate that the funds are necessary to fulfill pre-existing contractual obligations.  

“In 2022, a Geneva trust company representing the interests of several companies associated with Usmanov or his sister submitted applications to SECO to unblock funds in the Credit Suisse account,” the publication writes.

SECO justified its decision by stating that the contracts for these expenses were signed before sanctions were imposed. Further delays in payments, it argued, could lead to a significant depreciation of the assets' value.

The Swiss State Secretariat for Economic Affairs (SECO) has approved the release of nearly €6.7 million from accounts tied to trusts associated with businessman Alisher Usmanov. These funds will be allocated for the maintenance and storage of helicopters, real estate, and legal proceedings, according to "Tages-Anzeiger". Approximately €2.5 million has been set aside for payments related to the storage and upkeep of helicopters at Le Castellet airfield in southern France. The helicopters, valued between $13 million and $16 million, faced potential seizure after the local service provider initiated legal proceedings. In addition, SECO has approved monthly payments of €54,000 to ensure the continued maintenance of these assets.  

Swiss government has allocated €4.2 million for the upkeep of a palace in the United Kingdom. Construction companies responsible for maintaining the property reportedly face bankruptcy if payments are not made. SECO’s decision aims to prevent further financial and structural damage to the estate. SECO has also authorized funds to cover future legal expenses, including representation in cases related to sanctions and asset protection.  

By spring 2024, SECO had received over 300 requests to unblock funds from frozen accounts, approving the majority of them. Russians under sanctions have been able to access between $76 million and $87 million as a result. SECO clarified that approvals are granted in cases where contracts predate the sanctions or where delays could lead to significant financial or legal consequences.  

Separately, a money laundering case against Alisher Usmanov was closed in Germany on October 11, 2024. The Frankfurt-Main Prosecutor’s Office dismissed the case under Article 153(a) of the German Code of Criminal Procedure, which allows for dismissal if the accused meets certain conditions, such as making donations or contributions to the state budget.