Switzerland declines to transfer frozen Russian asset revenues to Ukraine
Switzerland will not transfer to Ukraine the frozen Russian asset revenues to Ukraine, as European Union countries do. The decision was confirmed by the Swiss State Secretariat for Economic Affairs, which noted that the EU bloc's procedure is in contradiction with the country's legislation and its international obligations, BBC reports.
In May, European Union states agreed that interest earned on the frozen assets of the Russian Central Bank should be transferred to Ukraine, to rebuild the country, following the war caused by the February 2022 invasion. This interest is expected to constitute from 2 .5 to 3 billion euros per year.
90% of the revenue generated from frozen funds will go to the European Peace Facility, the European Union's mechanism for managing conflict interventions, including arms transfers. The remaining 10% will go to a separate "fund" for Ukraine, created to support the country's recovery needs.
On Friday, the President of the European Commission, Ursula von der Leyen, announced the allocation of 1.5 billion euros for military and financial assistance to Ukraine from the frozen Russian asset revenues.
