Switzerland explains why it is not joining the REPO group

The Swiss Federal Department of Foreign Affairs has stated that it sees no need to join the international working group russian Elites, Proxies and Oligarchs (REPO), which is engaged in the search for and freezing of assets of sanctioned russians. 

“Switzerland remains determined to maintain fruitful and constructive cooperation with partner countries, guided by common values and goals. Cooperation at the technical level is proceeding smoothly and therefore Switzerland sees no need to formally join the REPO Working Group at this time,” the Foreign Office said.

Switzerland believes that the assets of individuals subject to sanctions against russia cannot be confiscated unless they are of illegal origin. Such confiscation would contradict the constitutional guarantee of property and the rule of law.

When asked which mechanism of transferring frozen assets to Ukraine Switzerland is more inclined to - the American one, which provides for a full transfer to our country, or the European one, which aims to transfer interest on these assets to Kyiv - the Foreign Ministry replied that “Switzerland will continue to follow and participate in discussions at the international level, in particular on the possible use of (public) russian state assets and the strengthening of the rules applicable in case of violation of sanctions.”

Source: Dzerkalo Tyzhnia