Switzerland refuses to confiscate frozen Russian assets — the Swiss Federal Council statement

The commission notes that expropriating private assets of legal origin without compensation is unacceptable under Swiss law.

"The confiscation of frozen private assets is contrary to the Federal Constitution and the current legal order and violates Switzerland's international obligations. Moreover, other countries have similar constitutional rights and guarantees," the statement reads.

Another issue under discussion at the international level is the possibility of confiscating the foreign exchange reserves of the Russian central bank and other state assets. In addition, the possibility of strengthening criminal liability for sanctions violations is also under consideration. 

"Switzerland is closely monitoring these proposals and contributing its views to the discussions. Furthermore, the relevant services will keep the Federal Council regularly informed of international developments in this regard," the Council adds.