Switzerland May Transfer Frozen Russian Assets to Ukraine

by Olha Povalaieva
Friday, January 20, 2023
Switzerland May Transfer Frozen Russian Assets to Ukraine

The transfer takes place exclusively by observing the right to property

On January 20, Blomberg published a message from Swiss president Ignazio Cassis about a possible change in the legislative framework in order to help Ukraine.

"If we are serious about helping to rebuild Ukraine, we need to think about how we're going to finance that. But this must be done correctly under the rule of law," Ignazio Cassis.

Today, there are about 150 billion francs in Swiss bank accounts belonging to Russian citizens. Approximately 7.5 billion francs ($8.2 billion) of assets are frozen by sanctions and could be transferred to Ukraine. However, not all so simple. In order to carry out the procedure for transferring funds, most likely, a referendum will have to be held.

"We cannot just take money that doesn't belong to us just because we think this is morally right. The right to property is fundamental," Ignazio Cassis.

Switzerland's accession to European sanctions against Russian aggression is already being interpreted by some as a violation of Switzerland's historical neutrality. And the transfer of Russian assets to Ukraine may well undermine the reputation of Switzerland as the financial centre of the world. Therefore, this important, but no less sensitive issue is on the agenda, but its implementation has many nuances.

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