Switzerland will not use revenues from the frozen assets of the Russian Federation to help Ukraine

Flags of Switzerland and Ukraine. Photo for illustration

Switzerland will not use proceeds from frozen Russian assets to help Ukraine.

This is reported by Swissinfo.

The State Secretariat for Economic Affairs of Switzerland announced that the country will not follow the example of the EU, which decided to use 1.5 billion euros from Russian assets for the defense and support of Ukraine.

According to Swiss law and international agreements, the country has no right to receive «extraordinary income from the funds of the Russian central bank.» Switzerland emphasized that this only applies to their country.

As of April 2024, the total value of the assets of the Central Bank of the Russian Federation frozen in Switzerland amounted to slightly more than 7 billion Swiss francs (7.08 billion euros). These assets do not include frozen funds held by individuals or companies linked to Russia.

We will remind you that the European Commission plans to provide Ukraine with a loan of 50 billion dollars secured by the frozen assets of the Russian Federation to support Ukraine.