Moscow: Switzerland risks losing investor trust over Russian asset seizure

Switzerland would risk losing its reputation as a safe haven for foreign investors if it confiscated frozen Russian assets, the Russian Embassy in Bern said on Thursday, August 27, arguing that the country’s political and business elites understand the potential consequences.

The embassy noted that Swiss authorities, including Finance Minister Karin Keller-Sutter, have previously said that confiscating Russian assets would be unacceptable.

“Swiss elites fully understand that stealing Russian assets would finally destroy Switzerland’s reputation as a ‘safe haven’ for foreign investors,” the embassy told RIA Novosti.

As of July 1, Switzerland had frozen Russian assets worth 8.5 billion Swiss francs, equivalent to nearly $10.6 billion, according to the figures cited by the embassy.

The frozen holdings also include 14 properties, vehicles, works of art and other assets belonging to individuals and companies subject to sanctions.

The comments come as Switzerland considers the legal and financial implications of any move to confiscate Russian assets. The country’s State Secretariat for Economic Affairs, known as SECO, acknowledged this week that Switzerland currently has no legal basis for confiscating the frozen Russian assets.

By Tamilla Hasanova