As Swiss Foreign Minister Ignazio Cassis noted, Russia has seriously violated international law, so it must compensate for the damage done. International discussions on compensation mechanisms continue.
Switzerland’s Council of Cantons (small parliamentary chamber), in response to a request from the country’s Senate, voted to transfer Russian assets blocked in the country to Ukraine for restoration. This was reported by the information portal Barron’s.
The parliament’s press service noted that the initiative to make such a decision was taken by all parliamentary groups except the right-wing conservative People’s Party (SVP), the largest political force in the country. coalition government. Overall, this resolution was approved by a two-vote margin.
The decision of the Council of Cantons, published on the parliament’s website, states: “The assets of the Russian state and organizations close to it, frozen within the scope of sanctions, should be transferred to Ukraine as compensation.”
In particular, Switzerland has more than $8 billion in Russian central bank reserves and assets.
Important
The Federal Council, that is, the government, was asked to “take measures to develop the legal framework necessary for compliance with all legal norms at the international level.”
It was noted that this initiative was hotly debated in Switzerland, where discretion in key banking sectors and the country’s tradition of impartiality are highly valued.
“The facts are really clear. Russia has seriously violated international law. Therefore, it must compensate for the damage caused. There are international discussions on compensation mechanisms, and Switzerland participates with its knowledge, skills and all its history in this field.” “said Swiss Foreign Minister Ignazio Cassis.
Blocked items
As of November 25, 2022, financial assets worth 7.5 billion Swiss francs (about $8.55 billion) and 15 real estate properties have been frozen in the Swiss Confederation, according to the Swiss State Secretariat for Economic Affairs. Of these, the total amount of reserves and assets of the Central Bank of the Russian Federation in Switzerland is 7.4 billion Swiss francs (approximately 8.44 billion dollars). The remaining frozen assets are owned or controlled by sanctioned individuals, companies or organizations and are subject to freezing.
Switzerland, which is not a member of NATO or the European Union, nevertheless supports sanctions imposed on Russia in connection with its aggression against Ukraine. In March 2022, the Russian government approved a list of foreign states and territories that have committed hostile actions against Russia, its companies, and its citizens. The Swiss Confederation is included in this list.
Let us remind you that, according to European Commission President Ursula von der Leyen, financial aid to Ukraine from the “frozen” assets of the Russian Federation will almost double ammunition production in Europe by the end of 2025.
Source: Focus
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