2024-07-28T12:41:00+03:00 Politics 2024-09-15T04:13:00+03:00

Ukrainian news

Switzerland refuses to transfer russia's frozen assets income to Ukraine

Switzerland refuses to transfer russia's frozen assets income to Ukraine

Switzerland will not follow the EU's approach and will not transfer the proceeds from frozen russian assets to Ukraine, Swissinfo reports.

According to the State Secretariat for Economic Affairs of Switzerland, according to international obligations and legislation, the country cannot generate "any extraordinary income in connection with the funds of the russian central bank." It is emphasized that this applies specifically to Switzerland.

As of April 2024, the total value of assets of the central bank of the russian federation frozen in Switzerland was slightly more than CHF 7 billion. These funds are separate from frozen assets held by individuals or companies linked to russia.

In the EU, after the beginning of the invasion of the russian federation, assets worth approximately 200 billion euros were frozen.

As earlier reported, the EU will transfer EUR 1.5 billion from frozen russian assets to the defense and reconstruction of Ukraine.

Earlier, Defense Minister Rustem Umierov announced that Ukraine would receive the first tranche of the proceeds from frozen russian assets already at the beginning of August; the funds will be spent, in particular, on the purchase of air defense equipment and ammunition, as well as support for Ukrainian manufacturers.