Russian FM says Moscow will recover its gold, foreign exchange reserves

The European Commission wants to confiscate Russia’s assets, but Moscow will succeed in recovering its gold and foreign exchange reserves, Russian Foreign Minister Sergey Lavrov has said.

He remarked that the European Union is coming up with grounds to move Russian assets out of Belgian jurisdiction, which amounts to a criminal attempt to organise collective impunity, Caliber.Az reports, citing Russian media.

Russian officials claim Switzerland would risk losing its reputation as a haven for foreign investors if it confiscated frozen Russian assets.

Russian Embassy in Switzerland said the country’s political and business elites understand the potential consequences.

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.

By Bakhtiyar Abbasov