The Swiss government allowed the confiscation of $140 million worth of assets of Yanukovychʼs entourage to begin

The Swiss government has allowed the confiscation of the frozen assets of ex-president Viktor Yanukovychʼs entourage in the amount of over 130 million Swiss francs (over $140.5 million) to begin.

This is stated in the press release of the Federal Council of Switzerland.

"At its meeting on February 15, 2023, the Federal Council decided to initiate administrative proceedings regarding the confiscation of assets frozen in Switzerland after the Ukrainian revolution in February 2014. The confiscation procedure in Switzerland will apply to all assets subject to confiscation, totaling more than 130 million Swiss francs. With this step, Switzerland supports Ukraine," the statement reads.

The Federal Council instructed the Federal Department of Finance (FDF) to open a series of confiscation proceedings at the Federal Administrative Court (FAC). The assets will reportedly remain frozen pending a final decision by the Swiss administrative justice system. Any property that will be finally confiscated will be returned to the Ukrainian people in accordance with the international agreement.

The asset confiscation procedure is used only in exceptional cases, the statement emphasizes. The law authorizes Switzerlandʼs administrative justice system to seize the assets of politically significant individuals, but only under strict conditions.

• In December 2021, the Federal Council of Switzerland decided to extend the freezing of the assets of Yanukovych and his entourage until February 2023.