Swiss Parliament supports confiscation of russian assets for Ukraine

The Swiss Council of Cantons (the upper house of parliament) supported the idea of transferring frozen russian assets to Ukraine.

During the voting in the upper house of parliament, 29 Swiss deputies supported the initiative, 19 opposed it, and three abstained. The lower house of parliament supported the idea last year.

The parliament's decision enables the government to create an international legal framework for using the assets of aggressor states to pay reparations to the affected countries.

The government will develop an initiative according to which frozen funds of the aggressor's central bank or assets of its state-owned companies could be legally transferred to the state that was attacked.

"The facts are very clear indeed. russia has seriously violated international law. Therefore, it must compensate for the damage caused. International discussions are currently underway on compensation mechanisms, and Switzerland is participating in them, using its knowledge, skills and all its experience in this area," said Swiss Foreign Minister Ignazio Cassis in a speech to the Council of Cantons.

It is worth noting that Switzerland holds more than $8 billion in reserves and assets of the russian central bank.

Source: France24