GENEVA, Switzerland (AFP)—The Swiss government said Monday that it had decided to freeze any assets held in Switzerland by the deposed Venezuelan president Nicolas Maduro or his associates “with immediate effect”.

Bern said it had reached its decision after Maduro was seized in Caracas in a shock US military operation, and brought to New York to face narcotrafficking charges.

Describing the situation as “volatile”, the Swiss government said in a statement that it wanted “to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation”.

“It has therefore decided, as a precautionary measure, to freeze any assets held in Switzerland by Mr Maduro and other persons associated with him,” it said.

“The asset freeze comes into force today with immediate effect and will remain valid for four years until further notice.”

The government added that “should future legal proceedings reveal that the funds were illicitly acquired, Switzerland will endeavour to ensure that they benefit the Venezuelan people”.

“The asset freeze does not affect any members of the current Venezuelan government,” it said.

The move, decided under Switzerland’s Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons, comes in addition to existing sanctions on Venezuela in force since 2018, which also include asset freezes, the government said.

The new asset freezes “target individuals who have not previously been sanctioned in Switzerland”, it said.

The government said it was monitoring the situation unfolding in Venezuela closely, and called “for de-escalation, restraint and compliance with international law, including the prohibition of the use of force and the principle of respect for territorial integrity”.

It highlighted Switzerland’s repeated offers of its “good offices to all sides in order to find a peaceful solution to the situation”.

Bern said that “the reasons behind Mr Maduro’s fall from power do not play a decisive role in asset freezes… nor does the question of whether the fall from power occurred lawfully or in violation of international law”.

The decisive factor, it said, was that “a fall from power has occurred and that it is now possible that the country of origin will initiate legal proceedings in the future with regard to illicitly acquired assets”.