Switzerland supports seizing Russian frozen assets for Ukraine, while banks oppose idea

Switzerland supports seizing Russian frozen assets for Ukraine, while banks oppose idea

Swiss Foreign Minister Ignazio Cassis said that his country supports the idea of confiscating frozen Russian assets and using them to rebuild Ukraine.

However, banks are categorically against such a proposal, Ukrinform reports with reference to Bloomberg.

“If we are serious about helping to rebuild Ukraine, we need to think about how we’re going to finance that,” Cassis told Swiss newspaper Tages-Anzeiger.

Authorities in a number of countries are discussing such a step, he said, “but this must be done correctly under the rule of law.”

Read also: Government approves draft Grant Agreement with Switzerland for railway infrastructure rehabilitation

According to Cassis, Switzerland has so far frozen 7.5 billion francs ($8.2 billion) in assets belonging to sanctioned Russians, but they cannot be seized under Swiss law.

Changing the law would likely require a referendum.

That it’s morally right does not give Switzerland the right to seize the assets in question as ownership rights are fundamental, Cassis said.

According to the publication, Swiss banks were very critical of the offer to give the seized assets belonging to the Russians in favor of Ukraine.

According to one of the bankers quoted by NZZ, the neglect of property rights will undermine Switzerland's position as a financial hub.

Another banker called such a move a "death sentence" for the Swiss banking system.

Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2023 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: