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Confiscation of Russian Assets: Switzerland froze only 5% of Russian funds

Confiscation of Russian Assets: Switzerland froze only 5% of Russian funds Photo: Minister of Foreign Affairs of Ukraine Dmytro Kuleba (Getty Images)

Currently, Switzerland has frozen only 5% of Russian financial assets under its jurisdiction. Ukraine hopes for more, stated Ukrainian Foreign Minister Dmytro Kuleba in an interview with Swissinfo.

According to him, currently in Switzerland, Russian assets worth 7.5 billion francs (8.2 billion dollars) have been frozen. These are assets of Russian individuals subject to Swiss sanctions.

At the same time, this amount represents only 5% of the total Russian assets in Switzerland, as their total volume is estimated at 150 billion francs.

"We believe there is room for more action by Switzerland. Such action will send the message that aggression is unacceptable and that everyone must follow the rules. This will act as a powerful deterrent to any country tempted to launch an armed aggression," emphasized Kuleba.

The minister noted that Russia is unlikely to voluntarily agree to compensate Ukraine for the losses caused by the war. Therefore, the Russian assets blocked by Western countries should be used to compensate for these losses.

Confiscation of Russian assets

During the first day of the summit on March 21, EU leaders discussed the issue of directing the proceeds from frozen Russian assets towards the purchase of weapons for Ukraine and reached a preliminary agreement.

As a result, European Commission President Ursula von der Leyen stated that EU leaders have paved the way for using part of the proceeds from frozen Russian assets to finance military equipment for Ukraine.

Ukraine can expect to receive about €3 billion in 2024 and similar amounts in the following years, stated von der Leyen.

Meanwhile, in Brussels, another 5 billion euros in profit from Russian assets were found.

A number of countries, including Poland, Estonia, and Latvia, advocated for using frozen Russian assets not only for the reconstruction of Ukraine but also for its defense.