Switzerland declines to transfer income from frozen Russian assets to Ukraine
Photo: Switzerland will not transfer income from frozen Russian assets to Ukraine (Getty Images)
Switzerland will not transfer income from frozen Russian assets to Ukraine, as the European Union did, according to Swissinfo.
The State Secretariat for Economic Affairs of Switzerland stated that the country will not follow the EU's approach.
According to Switzerland, the country cannot generate "any extraordinary income related to the funds of the Russian central bank" in accordance with international obligations and legislation. It is emphasized that this specifically concerns Switzerland.
As of April 2024, the total value of the Russian Federation's central bank assets frozen in Switzerland was just over 7 billion Swiss francs. These funds are separate from frozen assets owned by individuals or companies connected to Russia.
It is worth noting that Switzerland adheres to a policy of neutrality. It has not provided Ukraine with weapons or other lethal aid but has provided humanitarian support. The country also supported sanctions against Russia.
Background
On July 26, the European Union allocated 1.5 million euros from the income of frozen Russian assets to Ukraine.
This is the first tranche for Ukraine from the EU obtained from frozen Russian assets.
