The Swiss government supports the confiscation of Russiaʼs frozen assets and their further transfer to the restoration of Ukraine.
According to Bloomberg, the Minister of Foreign Affairs Ignazio Cassis informed that his country is serious about helping to restore Ukraine, but legal grounds are needed for this.
Under current Swiss law, assets cannot be confiscated. To change the law, most likely, a referendum will be needed.
According to the minister, Switzerland has already frozen Russian assets worth 7.5 billion francs ($8.2 billion).
The NZZ newspaper writes that the banks were very critical of this idea, as it could violate property rights and undermine Switzerlandʼs status as a financial center. Bankers consider this a "death sentence" for Swiss banks.
- Switzerland joined the sanctions against Russia for the war and annexation of the territories of Ukraine, but refuses to supply weapons.
- The Minister of Defense of Spain Margarita Robles informed about that Switzerland, as a producer country, also vetoes the sending of certain military aid to Ukraine.