Switzerland decided not to confiscate Russian assets
Switzerland decided not to confiscate Russian assets. This allegedly violates the constitution and undermines the existing legal order.
This is stated in the explanation of the Federal Council of Switzerland, Censor.NET reports with reference to Euro Integration.
As noted, amid international discussions and several parliamentary inquiries, the Federal Council asked the administration to examine the legal situation regarding assets currently frozen in Switzerland as a result of sanctions against Russia. An internal working group led by the Federal Office of Justice informed the Federal Council of its findings.
"A working group representing the State Secretariat for Economic Affairs (SECO), the State Secretariat for International Finance (SIF) and the Directorate of International Law (DIL) led by the federal Office of Justice concluded that the expropriation of private assets of legitimate origin without compensation is impermissible under Swiss law. The confiscation of frozen private assets contradicts the Federal Constitution and the current legal order and violates Switzerland's international obligations," the statement said.
At the same time, Switzerland will continue to consider the possibility of confiscating the Russian central bank's foreign exchange reserves and other state assets and introducing tougher criminal penalties for sanctions violations.
"Switzerland closely monitors these proposals and expresses its opinion during the discussions. The relevant departments will regularly inform the Federal Council about international developments in this area," the message reads.
"Regardless of the discussions regarding frozen Russian assets, the Federal Council has confirmed its intention to continue supporting Ukraine," the Swiss government added.
