Switzerland follows discussions on the use of Russian funds
Keystone-SDA
Switzerland said it closely followed a European Union debate on using frozen Russian funds to support Ukraine.
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In Brussels on Thursday, European heads of state failed to agree on this deployment of frozen Russian central bank assets. Instead, the EU will loan Ukraine €90 billion.
From Switzerland’s perspective, it is crucial that any internationally agreed approach fully complies with the principles of the rule of law and international law, the State Secretariat for Economic Affairs (Seco) told the Keystone-SDA news agency.
+ Why Switzerland is cautious about using Russian funds to finance Ukraine
In addition, financial stability must be preserved in order to avoid unintended consequences for the financial markets and future central bank operations in the international financial system.
According to Seco, CHF7.45 billion from the Russian central bank was frozen in Switzerland on March 31, 2025. The funds are held by commercial banks.
Brussels discussions
The European Commission proposed that up to €210 billion in frozen Russian funds could underpin a loan to Ukraine, €90 billion of which would be paid over the next two years.
Under the proposed deal, Russia would only reclaim access to this money after making reparations for the damage caused after the end of the war of aggression against Ukraine.
The majority of the sum, around €185 billion, is held by the Brussels-based financial company Euroclear, which acts as a central depository for the safekeeping of securities. The Belgian government cites legal and financial risks.
And on Thursday, EU states failed to find common consensus to back the EC plan.
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Foreign Affairs
More Russian assets frozen in Switzerland
This content was published on
Apr 1, 2025
The value of frozen Russian assets in Switzerland currently stands at CHF7.4 billion ($8.4 billion), the Swiss government announced on Tuesday.
Read more: More Russian assets frozen in Switzerland
Zelensky pressure
Ukrainian President Volodymyr Zelensky took part in the start of the summit on Thursday. He said there is a good chance that Ukraine will not be able to survive without financial backing.
In his opinion, the transfer of frozen Russian assets to Ukraine would be justified due to Russia’s aggression.
Instead, Ukraine was promised a €90 billion EU loan over the next two years. This loan will not be backed by frozen Russian funds.
Adapted from German by DeepL/mga
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