Skip to content
Edit post

Russia summons Swiss ambassador over parliament's motions to funnel frozen Russian assets to Ukraine

by Martin Fornusek and The Kyiv Independent news desk March 12, 2024 9:37 PM 2 min read
The Federal Palace, Switzerland's parliament building, in Bern, Switzerland, March 2023. (Stefan Wermuth/Bloomberg via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Russia's Foreign Ministry summoned Swiss Ambassador to Moscow Krystyna Marty Lang to protest the Swiss parliament's decision to initiate the development of a mechanism for confiscating frozen Russian assets, the ministry said on March 12.

The Swiss legislature voted on March 7 to approve three measures that would open the door for the future confiscation of Russian state assets frozen in Switzerland and redirect them to Ukraine's reconstruction.

"In the case of the practical implementation of such plans by Bern, retaliatory measures by the Russian side will be inevitable," the Russian Foreign Ministry said on its official Telegram channel.

Western countries and other partners immobilized around $300 billion of the Russian Central Bank's assets at the beginning of the full-scale invasion in 2022.

The Swiss government estimated in December 2023 that it had frozen $8.8 billion in Russian state assets as part of its sanctions against Russia.

The figure is much smaller than the total amount of money from Russian nationals and legal entities held by Swiss banks, which was estimated by the Swiss government to be around $48.15 billion.

The Financial Times reported earlier on March 12 that Ukraine may receive up to 3 billion euros ($3.3 billion) in Russian assets frozen by the EU as early as July.

FT: Ukraine may get 3 billion euros from frozen Russian assets in summer
Ukraine may receive up to 3 billion euros in funds from the profits of frozen Russian central bank assets as early as July, the Financial Times reported on March 12, citing unnamed officials.

News Feed

11:14 PM

Romania denies downing Russian drones over Ukraine.

Videos on social media that purport to show Romanian air defense units shooting down Russian attack drones above Ukraine are spreading a false narrative, Romania's Defense Ministry said in a statement on July 26.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
3:38 PM

Russian ex-deputy defense minister arrested on corruption charges.

In his previous position, former Russian Deputy Defense Minister Dmitry Bulgakov was in charge of the military's logistics chains during the full-scale invasion of Ukraine. His dismissal was widely seen as a response to the logistic failures that accompanied the early months of Russia's all-out war.
11:31 AM

Сeasefire would leave 25% of Ukraine under Russian control, ambassador says.

"Many countries have proposed the idea of a ceasefire, but no one thinks about what it means. Some 25% of Ukrainian territory would remain under Russian control, which means buying time for Russia to strengthen its capabilities and resume its attacks on Ukraine," Ambassador of Ukraine to Turkey Vasyl Bodnar said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.