Swiss Federal Council: no freeze of Russian assets

10:44 18.02.2023 •

In the context of international proposals to use frozen Russian assets to rebuild Ukraine, the Swiss Federal Council sought official clarification on the legal basis for any such action.

Against the backdrop of international discussions and several parliamentary requests, the Swiss Federal Council asked the administration to examine the legal situation concerning assets that are currently frozen in Switzerland as a result of sanctions against Russia.

An internal working group led by the FOJ has informed the Federal Council of its conclusions. A working group led by the Federal Office of Justice (FOJ) concluded that the confiscation of private Russian assets would undermine the Federal Constitution and the prevailing legal order.

The Federal Council noted the working group’s conclusions at its meeting on 15 February.

The right to property: a fundamental right

The working group representing the State Secretariat for Economic Affairs (SECO), the State Secretariat for International Finance (SIF) and the Directorate of International Law (DIL), led by the FOJ, concluded that ‘the expropriation of private assets of lawful origin without compensation is not permissible under Swiss law’. The confiscation of frozen private assets is inconsistent with the Federal Constitution and the prevailing legal order and violates Switzerland's international commitments.

“Other countries have similar constitutional rights and guarantees,” stresses the lawyers.


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