Switzerland approves using Russian assets for Ukraine recovery

On March 7, the Swiss Parliament approved a proposal that could allow the use of sovereign Russian assets frozen in the country to finance war reparations in Ukraine, AFP reports.

The Lower House of the Swiss Parliament adopted these proposals last year.

Now, the Federal Council can work on creating an international legal framework for the use of Russian frozen assets to pay reparations to the countries under attack.

Such a mechanism would provide that frozen funds or assets of its state-owned companies can be legally transferred to Ukraine.

"The facts are very clear indeed: Russia has seriously violated international law. Therefore, it must compensate for the damage caused. International discussions on compensation mechanisms are underway, and Switzerland is taking part in them, using its knowledge, skills and all its experience in this area," said Swiss Foreign Minister Ignazio Cassis.

Switzerland has frozen $8.81 billion of financial assets belonging to Russia.

In 2022-2023, Ukraine's Security Service seized assets of Russian businessmen financing the war worth almost $5 million.

Ukraine's partners are in a hurry to agree on a plan to confiscate $300 billion of frozen Russian assets. The G7 issued a statement confirming that they will keep Russia's assets frozen in their jurisdictions until the end of war.