Authorities have answered a recent letter by ambassadors from G7 countries, declining – for now – a request to join the Russian Elites, Proxies, and Oligarchs (REPO) taskforce, Swiss government spokesman André Simonazzi said on Wednesday.
Simonazzi referred to a note published on TuesdayExternal link by the State Secretariat for Economic Affairs (SECO), rejecting criticisms made by the ambassadors in a letter leaked to Swiss press last week.
For SECO, current cooperation between Switzerland and G7 countries (Canada, France, Germany, Italy, Japan, the UK and US) is “running smoothly”, and there is “no need to formally join the Task Force at present”.
SECO also repeated that the CHF7.5 billion ($8.35 billion) of Russian assets blocked in Switzerland was “substantial” by international comparison, corresponding to around one-third of what’s blocked in the European Union.
It also called for a better distinction between sanctioned and non-sanctioned assets, which are “repeatedly confused or mixed up”.
“One example of this – frequently cited over the past year – is the estimate by the Swiss Bankers Association that some CHF150-200 billion in assets of Russian individuals and organisations are held by Swiss banks. This unofficial figure is in fact a (very rough) estimate of total Russian assets under management in Switzerland,” it wrote.
US ambassador to Switzerland Scott Miller recently suggested that Switzerland could freeze up to CHF100 billion.
The top US sanctions official, Under Secretary Brian Nelson from the Treasury, was also in Switzerland this week for talks with SECO officials, which he said on Twitter were “constructive”.
Simonazzi said on Wednesday that if, in the future, participation in the REPO taskforce was to be deemed to be in Switzerland’s interest, then the government would re-evaluate the situation.
Popular Stories
More
Swiss oddities
Mennonite movement turns 500 in Zurich, where it all began
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Man charged with flying drone at women’s Euro 2025
This content was published on
A man flew a drone around the venue on Wednesday evening during the first match of the Women's EURO 2025 in St. Gallen. The 30-year-old violated the absolute ban on flying during match days. He was reported to the police.
More than 250 Swiss companies sign CO2 reduction initiative
This content was published on
A total of 257 companies from Switzerland have signed up to the Science Based Targets Initiative (SBTi). In doing so, they are committing to CO2 reduction targets that are compatible with the Paris Climate Agreement.
Swiss accident prevention group sees federal targets at risk
This content was published on
The Swiss government's target for accident figures is at risk, reckons Mario Cavegn, member of the executive board of the Swiss Council for Accident Prevention.
Feminicide: Swiss justice minister calls for electronic monitoring
This content was published on
Swiss Justice Minister Beat Jans has called for electronic monitoring and an ankle bracelet warning system for perpetrators of violence against women.
This content was published on
American artist Chaka Khan ‘and friends’ opened the 59th Montreux Jazz Festival on Friday. For over three hours, their show, dedicated to their friend and mentor Quincy Jones, thrilled the audience,
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.