Switzerland will not transfer income from frozen russian assets to Ukraine

Switzerland will not transfer the proceeds of frozen russian assets to Ukraine, as the European Union has done.

The Swiss State Secretariat for Economic Affairs said that the country would not follow the EU's approach.

As noted in Switzerland, according to international obligations and legislation, the country cannot generate “any extraordinary income in connection with the funds of the russian central bank.” It is noted that this applies specifically to Switzerland.

As of April 2024, the total value of the assets of the central bank of the russian federation frozen in Switzerland amounted to just over 7 billion Swiss francs. These funds are separate from the frozen assets held by individuals or companies associated with russia.

Source: Swissinfo