Switzerland not planning to generate income from frozen Russian assets to help Ukraine

Switzerland will not follow the EU's approach and will not generate any income in favor of Ukraine from immobilized Russian assets stored in Swiss banks.

That's according to Swissinfo, which refers to a statement issued by the Swiss State Secretariat for Economic Affairs (Seco), Ukrinform reports.

In line with Swiss law and international obligations, Switzerland stated it could not generate "any extraordinary income in connection with the funds of the Russian central bank."

Seco clarified that this position pertains specifically to Switzerland.

As of April 2024, the total value of assets from the Russian central bank frozen in Switzerland was just over CHF 7 billion (about EUR 7.08 billion). These funds are separate from those frozen assets owned by individuals or companies linked to Russia.

On July 26, the European Union announced the release of EUR 1.5 billion in aid to Ukraine. This marks the first instalment from the profits generated by Russian assets frozen in response to Russia's invasion of Ukraine that began in 2022.

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