Switzerland refused to help the G7 in searching for frozen Russian assets.

The Swiss government will not join an international group to search for and confiscate frozen Russian assets.

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The department claims that Bern has built good cooperation with international partners in implementing sanctions against Moscow, especially at the technical level.

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“For this reason, the Federal Council does not currently see the need to formally join the REPO,” the department added, noting that if membership is in Switzerland’s interests in the future, the Federal Council may reconsider the situation.

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At the same time, Bern is monitoring the work of his partners on the transfer of frozen Russian assets to Ukraine and will take into account his legal system for making decisions if he nevertheless agrees to join the special group.

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Since the outbreak of the conflict, the EU and G7 countries have frozen almost half of Russia’s foreign exchange reserves, amounting to approximately 300 billion euros. Brussels is discussing ways to use Russia’s frozen assets to finance the reconstruction of Ukraine.