Swiss Parliament advocates Ukraine's financing with Russian assets
The Council of States of the Swiss Parliament has approved a proposal on 7 March that could allow the use of frozen sovereign Russian assets in the country to finance military reparations for Ukraine.
Source: European Pravda with reference to the AFP agency
Details: Twenty-one members of the upper chamber of the Swiss parliament voted in favour of exploring the mechanism for using Russian assets; 19 opposed it; and three abstained from voting. The lower chamber of the Swiss parliament adopted these proposals last year.
Now, the Swiss Federal Council (government) can work on creating an international legal framework for using frozen assets of the aggressor state to pay reparations to countries that have been attacked.
Such a mechanism would entail that the frozen funds of the aggressor country’s central bank or the assets of its state-owned companies could be legally transferred to the country that was attacked.
"The facts are very clear indeed. Russia has seriously violated international law. It must therefore repair the damage caused.International discussions are under way regarding compensation mechanisms and Switzerland is participating with its knowledge, its skills and all its history in this area," Foreign Minister Ignazio Cassis said.
Background:
- Over US$8.8 billion of assets related to Russia are frozen in Switzerland.
- However, Switzerland rejected a proposal for the country to join the G7 working group to search for the assets of Russians who came under sanctions the previous year.
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