Switzerland is closely following discussions in EU, UK on possibility of using Russian assets – Ambassador
Some CHF 7.4 billion of assets of the Central Bank of the Russian Federation are frozen in the accounts of commercial banks in Switzerland, and the Swiss government is closely following discussions on the use of Russian assets in other countries, Ambassador of Switzerland to Ukraine and the Republic of Moldova Félix Baumann has said.
"We have to differentiate between the private assets belonging to Russian individuals or companies and the state assets belonging to the Russian Central Bank.Regarding private assets, CHF 7.4 billion are frozen in Switzerland.However, there is no legal basis in Switzerland – and, for that matter, also in the European Union – to confiscate private assets of licit origin.It would be contrary to Swiss law. As for state assets, the amount immobilized in Switzerland is almost the same, CHF 7.45 billion," Baumann told Interfax-Ukraine in an exclusive interview.
He said the situation in Switzerland differs from the situation in EU countries, since the assets of the Central Bank of the Russian Federation are not stored in the Swiss Central Securities Depository, but in commercial banks, and do not generate extraordinary profits, as in the EU.
"Nevertheless, Switzerland is closely following the discussions taking place in the European Union – and also in the United Kingdom, by the way – on the possibility of using the Russian Central Bank’s assets to finance a reparation loan for Ukraine. In any case, the Swiss government would ultimately take a decision based on Swiss law, international law, and taking into account the need to preserve the stability of financial markets," the ambassador said.
