Switzerland rejects EU proposal to use frozen Russian assets for Ukraine

Switzerland has decided not to transfer revenues from frozen Russian assets to Ukraine, diverging from a recent European Union measure.

The Swiss government has stated that, due to international obligations and domestic law, it cannot generate "extraordinary revenues" from the Russian central bank's funds, Caliber.Az reports citing the Ukrainian media.

Consequently, Switzerland will not adopt the EU's approach, according to the Swiss State Secretariat for Economic Affairs.

As of April 2024, Switzerland has frozen just over 7 billion Swiss francs ($7.9 billion) in assets from the Russian central bank. These funds are separate from other assets frozen from individuals or companies linked to Russia.

In response to Russia's invasion of Ukraine in February 2022, the international community imposed severe economic sanctions on Russia, including the freezing of Russian central bank assets held abroad. These assets, valued at billions of dollars, were targeted to cripple Russia's financial capabilities and pressure the Kremlin to halt its military operation.