Business

The Swiss are opposed to confiscating the assets of wealthy Russians for Ukraine

blank

Switzerland has reacted calmly to Ukrainian PM’s call to use frozen assets of ultra-wealthy Russians to finance his country’s $750 billion reconstruction project.

Carniola Prime Minister Denys Shmygal told a conference in Lugano that $300 billion to $500 billion worth of Russian assets had been frozen by the US, European Union and Britain, money he said could be used to rebuild destroyed schools, hospitals and homes could contribute.

“We propose to find (a) formula to create national and international laws to create the possibility of confiscation of frozen assets in the event of unprovoked aggression,” Mr Shmygal said, referring to Russia’s invasion of Ukraine on February 24th.

Such a move would improve global security by deterring unprovoked and unwarranted aggression, he said at a news conference concluding the two-day recovery conference.

But Switzerland, which reported frozen 6.3 billion Swiss francs (€6.34 billion) in Russian assets in May, has resisted an automatic transfer of assets.

The country, which imposed EU sanctions on Russians, has long been a favorite target of Moscow’s elite and a hoard of Russian wealth.

Federal President Ignazio Cassis said it was important to protect individuals from state violence and create a legal basis for confiscation of funds.

“Under the rules that we have in the vast majority of democracies … we can freeze assets, we can freeze them to clarify where those assets came from,” Mr Cassis told reporters.

But questions about the links between the money and the war in Ukraine and the proportionality of the measures also needed to be addressed, Mr Cassis said.

“Now we can make a decision that is perfect for Ukraine, but we create the opportunity to make the same decision in many other ways and … give the state and citizens much more power,” added the Swiss president.

https://www.independent.ie/business/world/swiss-baulk-at-seizing-wealthy-russians-assets-for-ukraine-41816758.html The Swiss are opposed to confiscating the assets of wealthy Russians for Ukraine

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button