Neutral Country Switzerland Abstains from Supporting Ukraine with Frozen Russian Assets

Switzerland Participates in EU's Economic Sanctions Against Russia

Switzerland, a neutral country that had accepted Western economic sanctions against Russia for its invasion of Ukraine, has decided not to support Ukraine with the profits generated from frozen Russian assets.

According to the Swiss Federal Government's State Secretariat for Economic Affairs (SECO) on the 29th (local time), while the European Union (EU) began executing support for Ukraine using profits from frozen assets of the Russian Central Bank on the 23rd, Switzerland has decided not to participate. SECO explained that this policy is in accordance with Swiss law and international law.

Earlier, the EU transferred 1.5 billion euros (approximately 2.3 trillion won) of "special profits" generated from the frozen assets of the Russian Central Bank to the European Commission. Subsequently, on the 26th, the EU Commission allocated 90% of this money to the European Peace Facility (EPF), a special EU fund for military support to Ukraine, and the remaining 10% to the Ukraine Reconstruction Fund.

As a neutral country, Switzerland has accepted most of the EU's economic sanctions against Russia following Russia's invasion of Ukraine in 2022, but it has clearly drawn a line regarding the EU's use of frozen assets this time.

It appears that Switzerland judged it difficult to use the assets or profits of Russian public institutions to support other countries, based on the principle of sovereign immunity under international law, which protects the assets of specific countries.

There is also analysis suggesting that concerns about legal controversies surrounding the execution of profits from frozen Russian assets may have acted as an obstacle to Switzerland's diplomatic policy of maintaining neutrality.

The frozen assets of the Russian Central Bank held by Switzerland amount to about 7.5 billion Swiss francs (approximately 11.34 trillion won).

This content was produced with the assistance of AI translation services.