US pressuring Switzerland to use frozen Russian assets for rebuilding Ukraine

3 January, 05:25 PM
It is about nearly $8 billion of Russian funds in Swiss banks (Photo:Marius Paul Neacsu/flickr.com)

It is about nearly $8 billion of Russian funds in Swiss banks (Photo:Marius Paul Neacsu/flickr.com)

The US authorities are pressuring Switzerland to channel Russian funds frozen there into compensation for the damage caused by Russia to Ukraine, NeueZürcher Zeitung reported on Jan. 3.

The article refers to frozen financial assets worth almost $8 billion and 15 real estate facilities.

At the same time, as journalists note, confiscating funds of other countries or individuals is an extremely "delicate" matter for Switzerland.

According to several sources in various departments, this topic is raised during numerous informal liaisons, and the pressure on the country's authorities from both the United States and Eastern European countries will increase.

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Polish Prime Minister Mateusz Morawiecki insists that the money of the Kremlin regime and Russian oligarchs should be used to rebuild Ukraine.

According to the Swiss Bankers Association, Russian assets kept in Switzerland are estimated at $200 billion, but most of the funds belong to individuals who are not subject to international sanctions.

In addition, the confiscation procedure is not only politically sensitive, but also very complicated legally.

Against the backdrop of the debates on Russia’s money, the Swiss government decided to set up an ad hoc group to study that issue.

In turn, the US Senate has already backed a bill that allows the use of seized Russian funds for Ukraine under certain conditions.

"I hope the law encourages the Justice Department to redouble its kleptocrat asset seizure efforts, and our European allies to follow suit," said Rep Tom Malinowski (D-N.J.).

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