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Switzerland has decided not to transfer the proceeds of frozen Russian assets to Ukraine, which was an unexpected move, given the recent decision of the European Union to direct these funds to support Ukraine.
As reported in the State Secretariat for Economic Affairs of Switzerland, local legislation and international obligations do not allow receiving income from assets belonging to the Central Bank of Russia. Currently, the assets of the Central Bank of the Russian Federation in the amount of more than 7 billion Swiss francs are frozen in the jurisdiction of Switzerland. These funds are segregated from assets owned by individuals and companies linked to Russia.
Meanwhile, the European Union has already sent the first 1.5 billion euros received from frozen Russian assets to support Ukraine. Funds will be provided through the European Peace Fund and the Ukrainian Fund to support the military potential and rebuild the country. According to the Minister of Defense of Ukraine Rustem Umyerov, Ukraine will be able to receive from 2.5 to 3 billion euros every year, which will be aimed at strengthening the defense and supporting local manufacturers.
